Category: Trade

  • MIL-OSI Asia-Pac: Union Minister Dr Mansukh Mandaviya Leads Fit India Sundays on Cycle Event in Ahmedabad; Guinness World Record Holder Rohtash Chaudhary Joins from Delhi

    Source: Government of India (2)

    Union Minister Dr Mansukh Mandaviya Leads Fit India Sundays on Cycle Event in Ahmedabad; Guinness World Record Holder Rohtash Chaudhary Joins from Delhi

    “A Healthy Citizen Builds a Prosperous Nation”, Dr. Mandaviya Highlights Importance of Cycling at Fit India Sundays on Cycle Event

    Posted On: 16 MAR 2025 4:10PM by PIB Delhi

    The Fit India Sundays on Cycle event witnessed massive participation across the country, with Union Minister for Youth Affairs and Sports, Dr. Mansukh Mandaviya leading the charge at the iconic Sabarmati Riverfront in Ahmedabad today. Organized by SAI Gandhinagar, the event saw around 650 cyclists, including members of the Indian Medical Association (IMA) Gujarat, Ahmedabad Medical Association, and MPs Hasmukhbhai Patel and Dineshbhai Makwana. The event was flagged off by Paralympian athlete Bhavana Choudhary.

    Dr. Mansukh Mandaviya in his address expressed his enthusiasm about the growing movement of “Sunday on Cycle” event. Dr. Mandaviya mentioned that the Fit India movement is progressing across the country, with “Sunday on Cycle” gradually becoming a cultural phenomenon. He highlighted that today’s event happened at over 5,000 locations, with doctors actively joining in to promote the message of a fit and obesity-free India.

    Dr. Mandaviya mentioned that cycling should be encouraged as a part of daily life, whether for commuting to work or for simple tasks like grocery shopping. He also emphasized the importance of cycling for physical fitness, environmental protection, and reducing pollution.

    He highlighted how cycling is a key tool in the fight against obesity, a movement initiated by Prime Minister Narendra Modi, and mentioned that cycling could potentially be linked to carbon credit schemes in the future.

    He encouraged doctors to prescribe cycling as a means of maintaining health, urging the medical community to motivate patients to adopt cycling as part of their lifestyle. Dr. Mandaviya reiterated that “A healthy citizen builds a healthy society, and a healthy society can build a prosperous nation.”, and achieving the vision of a Viksit Bharat by 2047 requires the nation to stay fit, with cycling playing a crucial role in this transformation.

    Meanwhile, in the national capital, the Fit India movement received a boost with Guinness World Record holder Rohtash Chaudhary, famously known as the “Push-up Man of India,” inspiring participants at the Major Dhyanchand National Stadium. Rohtash, who holds the record for the most push-ups (one leg raised carrying a 27.2 kg pack) in one hour, joined 500 cycling enthusiasts including doctors of the Indian Medical Association (IMA), school and college students, members of Yogasana Bharat and  corporate professionals in the cycling event.

    “Sundays on Cycle is a great initiative by Fit India. The enthusiasm among participants was remarkable, but I urge everyone, especially the youth, to cycle not just on Sundays but every day,” Rohtash said. Highlighting the need for fitness, he added, “India has the third-highest number of obesity cases in the world after China and the USA. We need to be at the top in development, not obesity. Staying fit is crucial for the growth of our country.

    The IMA has organized Sundays on Cycle in 25 locations across the country. Dr. Piyush Jain, Finance Secretary of the Indian Medical Association, emphasized the importance of fitness in preventing lifestyle diseases. “IMA is fully committed to the Fit India movement because prevention is better than cure. It’s crucial for everyone to maintain a healthy diet and exercise regularly. Cycling is a great full-body workout and also benefits mental well-being, making it an ideal exercise,” he said.

    The event not only promoted cycling but also showcased the importance of overall physical fitness, with push-ups being highlighted as a simple yet effective exercise. The combination of cycling and strength training aimed to encourage participants to push their limits and embrace a healthier lifestyle.

    Since its launch in December 2024 by Dr. Mansukh Mandaviya, the Fit India Sundays on Cycle initiative has reached over 4,500 locations across the country. The event is simultaneously held nationwide at SAI Regional Centres, National Centres of Excellence (NCOEs), and Khelo India Centres (KICs), reinforcing the government’s commitment to promoting fitness and an active lifestyle among citizens.

    *****

    Himanshu Pathak

    (Release ID: 2111620) Visitor Counter : 56

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India – New Zealand announce launch of FTA negotiations

    Source: Government of India (2)

    Posted On: 16 MAR 2025 3:23PM by PIB Delhi

    India and New Zealand share a longstanding partnership founded on shared democratic values, strong people-to-people ties, and economic complementarities. Both countries have continuously worked towards building their bilateral relationship encompassing trade and investment.

    On the occasion of the visit of Prime Minister of New Zealand, The Right Honourable Christopher Luxon to India from 16th to 20th March, 2025, and in the spirit of deepening our economic co-operation, the two nations are pleased to announce the launch of negotiations for a comprehensive and mutually beneficial India-New Zealand Free Trade Agreement (FTA) negotiations. This significant step was marked by a meeting between Hon’ble Shri Piyush Goyal, India’s Minister for Commerce and Industry, and Hon’ble Mr. Todd McClay, New Zealand’s Minister for Trade and Investment, on March 16th, 2025, laying the foundation of a momentous partnership towards strengthening the economic and trade ties between the two countries.

    The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access. This milestone reflects a shared vision for a stronger economic partnership, fostering resilience and prosperity.

    ***

    Abhishek Dayal

    (Release ID: 2111608) Visitor Counter : 40

    MIL OSI Asia Pacific News

  • MIL-OSI Africa: African Petroleum Producers’ Organization (APPO) Congo Energy & Investment Forum (CEIF) 2025 Side Event to Unpack Africa’s Oil and Gas Potential, Highlight Innovative Financing Solutions

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Congo (Republic of the), March 17, 2025/APO Group/ —

    Taking place on the sidelines of the inaugural Congo Energy & Investment Forum (https://apo-opa.co/3RbNYDB) this month the African Petroleum Producers’ Organization (APPO) will host a side event focusing on the challenges of the energy transition in Africa on March 26. The global pursuit to achieving net-zero emissions by 2050 is getting closer with each year, with new technologies, regulatory policies, funding opportunities and legislation set to expedite the transition from hydrocarbons to renewable energy resources. However, a just energy transition for Africa requires allowing the continent to utilize its natural resources to move towards cleaner sources of energy.

    As such, the African Energy Bank: Energy Transition and Financing Optics for Oil and gas Industry in Africa side event will shine a light on the role of the African Energy Bank (AEB) (https://apo-opa.co/3DMaNLa) in addressing the funding challenge that the energy transition poses to the African oil and gas industry. Launched by the African Export-Import Bank (Afreximbank) in partnership with APPO, the AEB – set to commence operations in March 2025 – represents a bold step towards empowering African nations to take control of their energy future.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    By mobilizing significant investment and fostering energy independence, the AEB will play a pivotal role in bridging the financing gap, unlocking the full potential of Africa’s energy resources and driving industrial and economic growth across the continent. The AEB’s strategic partnerships with government’s, financial institutions and energy stakeholders will enable large-scale investments in renewables and traditional energy projects, supporting the continent’s transition to cleaner energy sources while addressing immediate energy access needs.

    With the participation of Bruno Jean-Richad Itoua, Minister of Hydrocarbons of the Republic of Congo and President of APPO, as well as Dr. Omar Farouk Ibrahim, Secretary General of APPO, the side event is set to showcase how African countries can capitalize on development across the entire energy value chain, create jobs and ensure ownership and control, independent of global pressure that doesn’t understand the intricacies of energy poverty across the continent.

    The AEB has been established with an initial $5 billion authorized capital – of which 45% has been secured –, serving as a crucial step in mobilizing investment for energy projects. The bank aims for an ambitious $120 billion asset base, with Nigeria having secured the hosting rights for the bank last year after competing against three other nations.

    “APPO’s side event at the inaugural CEIF 2025 represents a pivotal moment in Africa’s journey towards a sustainable and inclusive energy future. By addressing the critical funding challenges of the energy transition, APPO’s initiative aims to empower African nations to harness their natural resources, drive industrial growth and create energy solutions that are both sustainable and accessible. The global energy transition is not only about transitioning to cleaner energy – it’s about ensuring that Africa has the financial tools and strategic partnerships to take control of its energy future and secure a just transition for all its people,” states Sandra Jeque, Events and Project Director at Energy Capital & Power. 

    MIL OSI Africa

  • MIL-OSI Africa: Algeria steps up preparations for the Intra-African Trade Fair 2025 (IATF2025) as six-month countdown starts

    Source: Africa Press Organisation – English (2) – Report:

    ALGIERS, Algeria, March 17, 2025/APO Group/ —

    Preparations are on course for the Intra-African Trade Fair 2025 (IATF2025), Africa’s premier trade and investment event that will be held in Algiers, Algeria from 4th to 10th September 2025.

    With only six months to go until IATF2025, the Government of the People’s Democratic Republic of Algeria in conjunction with the organising committee is stepping up final preparations for the event that is expected to bring to Algeria over 35,000 visitors from more than 140 countries to participate in what has become the foremost trade and investment platform on the continent and a marketplace for the African Continental Free Trade Area (AfCFTA).

    Addressing the fourth meeting of the Advisory Council of IATF, Algeria’s Minister of External Trade and Export Promotion, Hon. Mohammed Boukhari said, “Algeria has expressed its full readiness to organise IATF2025, especially given our extensive capabilities and resources which will be leveraged fully to ensure the success of this important event. A high-level intersectoral committee has been established to oversee and monitor the preparations. We are confident that IATF2025 will meet the set objectives as it perfectly aligns with Algeria’s economic objectives and we are committed to making the trade fair a resounding success.”   

    The Minister noted that Algeria takes pride in its continental belonging, which ‘reflects its deep-rooted civilisation and strengthens its future aspirations.’

    More than 2,000 exhibitors including businesses from the continent and oversees will be showcasing their goods and services to thousands of visitors and buyers during the fair. It is expected to result in trade and investment deals worth over US$44 billion, spotlighting the growing impact of the fair as Africa’s leading marketplace. The Government of Algeria is putting in place measures to ensure a seamless travel experience for the huge number of visitors expected to attend IATF2025.

    Deputy Chairman of the IATF Advisory Council and former President of African Export-Import Bank (Afreximbank), Mr. Jean Louis-Ekra said, “We have had a fruitful meeting of the Advisory Council. We are satisfied with the commitment and progress made so far towards preparing for IATF2025 as September beckons. We encourage countries, corporates, Small and Medium Enterprises (SMEs), buyers, visitors, and delegates to take this early opportunity to register for the trade fair.”

    IATF is a platform for boosting trade and investment in Africa and aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and a GDP of over US$3.5 trillion. It is held biennially by Afreximbank, in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat. In the last three editions of IATF, over $100 billion in trade and investment deals have been closed cumulatively with over 70,000 visitors and more than 4,500 exhibitors participating.

    Ahead of the Advisory Council meeting, Mrs Kanayo Awani, Executive Vice President, Intra-African Trade & Export Development Bank at Afreximbank briefed Hon. Boukhari on pending deliverables identified during the CANEX WEEKEND, which was held in Algiers in 2024 and used as a dry run for IATF2025. The Minister acknowledged the gaps and committed to addressing them promptly and putting measures in place to ensure a seamless travel experience for the large number of visitors expected at IATF2025.

    Mrs. Awani stated, “Overall, we are happy with the progress made towards hosting IATF2025, the biggest trade and investment platform on the continent. I want to laud the Government of Algeria for agreeing to take necessary measures to ensure that IATF2025 is a resounding success. IATF2025 is pivotal to advancing intra-African trade. Therefore, I want to encourage local businesses, especially SMEs, to take advantage of the fair to showcase their products and services to buyers and visitors attending the fair, in order to expand their markets.”

    Some of the activities lined up for the week-long IATF2025 include a trade exhibition by countries and businesses; the Creative Africa Nexus (CANEX) programme with a dedicated exhibition and summit on fashion, music, film, arts and craft, sports, literature, gastronomy and culinary arts; a four-day Trade and Investment Forum featuring leading African and international speakers; and the Africa Automotive Show for auto manufacturers, assemblers, original equipment manufacturers and component suppliers.

    Special Days will also be held, dedicated for countries as well as public and private entities to showcase trade and investment opportunities, and tourism and cultural attractions, as well as Global Africa Day to highlight commercial and cultural ties between Africa and its diaspora, featuring a Diaspora Summit, market and exhibition, cultural and gastronomic showcase.

    Also planned is a business-to-business (B2B) and business-to-government (B2G) platform for matchmaking and business exchanges; the AU Youth Start-Up programme showcasing innovative ideas and prototypes; the Africa Research and Innovation Hub @ IATF targeting university students, academia and national researchers to exhibit their innovations and research projects; and the African Sub-Sovereign Governments Network (AfSNET) to promote trade, investment, educational and cultural exchanges at the local level. The IATF Virtual platform is already live, connecting exhibitors and visitors throughout the year.

    To participate in IATF2025 please visit www.IntrAfricanTradeFair.com. 

    MIL OSI Africa

  • MIL-OSI USA: Hoeven Statement on Funding the Government

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    03.14.25

    Click for video and audio.

    WASHINGTON – Senator John Hoeven today issued the following statement after the Senate approved legislation to fund the government while finding savings and supporting our national defense. 

    “The reason we need a CR is because Senator Schumer refused to bring any of the individual appropriations bills, which were approved by the Senate Appropriations Committee, to the floor during the last Congress. This continuing resolution has already passed the House and has strong support from the President. Importantly this legislation reduces spending to get after the debt and deficit, while increasing support for our military. Now with the Republicans in control of the Senate, we’ll work to get back to regular order to pass the individual appropriations bills through the committee and bring them to the floor to get control of our fiscal house.” 

    MIL OSI USA News

  • MIL-OSI Russia: The 5th meeting of the Joint Russian-Qatari Commission on Trade, Economic and Technical Cooperation was held in Doha

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Denis Manturov and the Chairman of the Council of Ministers, Minister of Foreign Affairs of Qatar Mohammed bin Abdul Rahman bin Jassim Al Thani held the 5th meeting of the Joint Russian-Qatari Commission on Trade, Economic and Technical Cooperation.

    First Deputy Prime Minister of Russia Denis Manturov and Chairman of the Council of Ministers, Minister of Foreign Affairs of Qatar Mohammed bin Abdul Rahman bin Jassim Al Thani held the 5th meeting of the Joint Russian-Qatari Commission on Trade, Economic and Technical Cooperation.

    During the meeting, the parties discussed issues of bilateral cooperation in the areas of trade, investment and finance, transport and digital technologies, as well as humanitarian projects, including culture, sports and education. Particular attention was paid to industrial cooperation in such sectors as pharmaceuticals, shipbuilding, power engineering, including in the field of renewable energy.

    Denis Manturov noted that given the scale of foreign trade between Russia and Qatar, the volume of bilateral trade does not fully reflect the existing potential. Opportunities for increasing and diversifying mutual trade, in particular, are associated with food supplies.

    “Cereals, primarily wheat and barley, already predominate in the structure of our trade turnover. We are ready to increase shipments of agricultural products, including halal products. Having in mind not only ensuring food security for Qatar, but also creating a regional agro-industrial hub in your country. Among the promising export products, we can also highlight beef, poultry, sunflower oil and confectionery,” said the First Deputy Prime Minister.

    Speaking about mutually beneficial projects in the pharmaceutical sector, Denis Manturov noted that in addition to supplying a wide range of medicines, Russia is considering localizing production in Qatar with the transfer of relevant technologies. In addition, opportunities for cooperation are opened up by domestic advanced developments in the field of shipbuilding, in particular, this concerns passenger hydrofoils and environmentally friendly silent electric vessels, which are successfully operated in Russia.

    “Interaction in the field of digital technologies contains a capacious potential. Russian companies have unique developments in the field of artificial intelligence, the Internet of things and solutions in the field of information security. I would like to highlight the opportunities for cooperation between Moscow and Doha in such a relevant area as smart city technologies,” Denis Manturov noted.

    A positive trend in the development of cooperation in the field of tourism was noted. “Last year, more than 100 thousand Russian citizens visited Qatar. Reciprocal interest from Qatari citizens is also increasing – in 2024, we received about 11 thousand tourists from your country. This is understandable, since Russia combines unique natural, climatic, cultural and historical features with a dynamically growing level of the hospitality industry and security,” said Denis Manturov.

    Speaking about cooperation in the field of sports, the First Deputy Prime Minister recalled that in November last year, Doha hosted the international rhythmic gymnastics competition “Heavenly Grace Cup”, organized on the initiative of Olympic champion Alina Kabaeva. The interdepartmental Memorandum of Understanding in the field of physical culture and sports, the signing of which is planned for the near future, will contribute to strengthening cooperation.

    In conclusion of his speech, Denis Manturov invited Qatari representatives to take part in the St. Petersburg International Economic Forum scheduled for June, where the country was a guest in 2021, in the Russia-Islamic World International Economic Forum to be held in Kazan in May, the Innoprom International Industrial Exhibition in Yekaterinburg in July, and the Russian Energy Week in Moscow in October. In addition, during the IGC, the Russian side voiced a proposal to hold a Russian-Qatari business forum in Moscow in April 2025.

    Following the meeting, the final protocol of the 5th meeting of the commission was signed.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: The government will allocate more than 7.7 billion rubles to subsidize the program of preferential lending to agricultural exporters

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Document

    Order of March 14, 2025 No. 600-r

    In 2025, more than 7.7 billion rubles will be allocated to support the program of preferential lending to agricultural exporters. Such an order was signed by Prime Minister Mikhail Mishustin.

    The funds will be used to subsidize preferential loans previously provided to agro-industrial enterprises and individual entrepreneurs for the production and processing of agricultural products, which are then supplied to friendly countries. Such support allows farmers to increase the volume of production and export of agricultural raw materials and food.

    Preferential lending for agricultural exporters started in 2019. Support for organizations that supply agricultural products to friendly countries is provided within the framework of the national project “International Cooperation and Export”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Surveys conducted by Government

    Source: Government of India (2)

    1

    Household Consumer Expenditure Survey

    January, 2004 – June, 2004

    Report No. 505: Household Consumer Expenditure in India

    2

    Employment and Unemployment Survey

    January, 2004 – June, 2004

    Report No. 506: Employment and Unemployment Situation in India

    3

    Survey on Morbidity and Health care

    January, 2004 – June, 2004

    Report No. 507: Morbidity, Health Care and the Condition of the Aged

    4

    Household Consumer Expenditure Survey

    July, 2004 – June, 2005

    Report No. 508: Level and Pattern of Consumer Expenditure, 2004-05

    Report No. 509: Household Consumption of Various Goods and Services in India, 2004-05

    Report No. 510: Public Distribution System and Other Sources of Household Consumption, 2004-05

    Report No. 511: Energy Sources of Indian Households for Cooking and Lighting, 2004-05

    Report No. 512: Perceived Adequacy of Food Consumption in Indian Households 2004-2005

    Report No. 513: Nutritional Intake in India 2004-2005

    Report No. 514: Household Consumer Expenditure Among Socio-Economic Groups: 2004 – 2005

    5

    Employment and Unemployment Survey

    July, 2004 – June, 2005

    Report No. 515: Employment and Unemployment Situation in India 2004-05

    Report No. 516: Employment and Unemployment Situation Among Social Groups in India 2004-05

    Report No. 517: Status of Education and Vocational Training in India 2004-05

    Report No. 518: Participation of Women in Specified Activities along with Domestic Duties 2004-2005

    Report No. 519: Informal Sector and Conditions of Employment in India 2004-05

    Report No. 520: Employment and Unemployment Situation in Cities and Towns in India

    Report No. 521: Employment and Unemployment Situation among Major Religious Groups in India

    6

    Employment & Unemployment

    July 2005 – June 2006

    Report No. 522: Employment and Unemployment Situation in India

    7

    Consumer Expenditure

    July 2005 – June 2006

    Report No. 523: Household Consumer Expenditure in India, 2005-06

    8

    Household Consumer Expenditure

    July 2006 – June 2007

    Report No. 527: Household Consumer Expenditure in India, 2006-07

    9

    Household Consumer Expenditure

    July 2007 – June 2008

    Report No. 530: Household Consumer Expenditure in India

    10

    Employment & Unemployment and Migration Particulars

    July 2007 – June 2008

    Report No. 531: Employment and Unemployment Situation in India, 2007-08

    Report No. 533: Migration in India, 2007-2008

    11

    Participation and Expenditure on Education

    July 2007 – June 2008

    Report No. 532: Education in India: 2007-08 Participation Expenditure

    12

    Particulars of Slum

    July 2008 – June 2009

    Report No. 534: Some Characteristics of Urban Slums, 2008-09

    13

    Housing Condition

    July 2008 – June 2009

    Report No. 535: Housing Condition and Amenities in India, 2008-09

    14

    Domestic Tourism

    July 2008 – June 2009

    Report No. 536: Domestic Tourism in India, 2008-09

    15

    Employment and Unemployment

    July 2009 – June 2010

    KI(66/10): Key Indicators of Employment and Unemployment in India, 2009-10

    Report No. 537: Employment and Unemployment Situation in India, 2009-10

    Report No. 539: Informal Sector and Conditions of Employment in India

    Report No. 543: Employment and Unemployment situation among Social Groups in India

    Report No. 548: Home-based Workers in India

    Report No. 550: Participation of Women in Specified Activities along with Domestic Duties, 2009-10

    Report No. 551: Status of Education and Vocational Training in India

    Report No. 552: Employment and Unemployment situation among Major Religious Groups in India

    Report No. 553: Employment and Unemployment situation in cities and towns in India

    16

    Household Consumer Expenditure

    July 2009 – June 2010

    KI (66/1.0): Key Indicators of Household Consumer Expenditure India, 2009-10

    Report No. 538: Level and Pattern of Consumer Expenditure

    Report No. 540: Nutritional Intake in India

    Report No. 541: Household Consumption of Various Goods and Services in India

    Report No. 542: Energy Sources of Indian Households for Cooking and Lighting

    Report No. 544: Household Consumer Expenditure across Socio-Economic Groups

    Report No. 545: Public Distribution System and Other Sources of Household Consumption

    Report No. 547: Perceived Adequacy of Food Consumption in Indian Households

    17

    Consumer Expenditure

    July 2011 – June 2012

    KI (68/1.0): Key Indicator of Household Consumer Expenditure in India

    Report No. 555: Level and Pattern of Consumer Expenditure, 2011-12

    Report No. 558: Household Consumption of Various Goods and Services in India, 2011-12

    Report No. 560: Nutritional Intake in India, 2011-12

    Report No. 562: Household Consumer Expenditure across Socio- Economic Groups, 2011-12

    Report No. 565: Public Distribution System and Other Sources of Household Consumption, 2011-12

    Report No. 567: Energy Sources of Indian Households for Cooking & Lighting, 2011-12

    18

    Employment and Unemployment

    July 2011 – June 2012

    KI (68/10): Key Indicator of Employment and Unemployment in India, 2011-12

    Report No. 554: Employment & Unemployment Situation in India, 2011-12

    Report No. 557: Informal Sector and Conditions of Employment in India

    Report No. 559: Participation of Women in Specified Activities along with Domestic Duties

    Report No. 563: Employment and Unemployment situation among Social Groups in India

    Report No. 654: Employment and Unemployment situation Towns in India

    Report No. 566: Status of Education and Vocational Training in India

    19

    Drinking Water, Sanitation, Hygiene and Housing Condition

    July 2012 – December 2012

    KI (69/1.2): Key Results of Survey on Drinking Water, Sanitation, Hygiene and Housing Condition in India

    Report No. 556: Drinking Water, Sanitation, Hygiene and Housing Condition in India

    20

    Particulars of Slums

    July 2012 – December 2012

    KI (69/0.21): Key Indicators on Urban Slums in India

    Report No. 561: Urban Slums in India, 2012

    21

    Land and Livestock Holdings

    January 2013 – December, 2013

    KI (70/18.1): Key Indicators of Land and Livestock Holdings in India

    Report No. 571: Household Ownership and Operational Holdings in India

    Report No. 572: Livestock Ownership in India

    22

    All India Debt and Investment

    January 2013 – December, 2013

    KI (70/18.2): Key Indicators of Debt and Investment in India

    Report No. 570: Household Assets and Liabilities

    Report No. 577: Household Indebtedness in India

    Report No. 578: Household Assets and Indebtedness among Social Groups

    Report No. 579: Household Capital Expenditure in India

    23

    Situation Assessment of Agricultural Households

    January 2013 – December, 2013

    KI (70/33): Key Indicators of Situation of Agricultural Households in India

    Report No. 569: Some Characteristics of Agricultural Households in India

    Report No. 573: Some Aspects of Farming in India

    Report No. 576: Income, Expenditure, Productive Assets and Indebtedness of Agricultural Households in India

    24

    Social consumption: Health

    January 2014 – June, 2014

    KI (71/25.0): Key Indicators of Social Consumption: Health

    Report No. 574: Health in India

    25

    Social consumption: Education

    January 2014 – June, 2014

    KI (71/25.2): Key Indicators of Social Consumption: Education in India

    Report No. 575: Education in India, 2014

    26

    Domestic Tourism Expenditure

    July, 2014 – June, 2015

    KI (72/21.1): Key Indicators of Domestic Tourism in India

    Report No. 580: Domestic Tourism in India

    27

    Household Expenditure on Services and Durable Goods

    July, 2014 – June, 2015

    KI (72/1.5): Key Indicators of Household Expenditure on Services and Durable Goods

    28

    Manufacturing sector enterprises

    July 2005 – June 2006

    NSS Report No. 524: Operational Characteristics of Unorganised Manufacturing Enterprises in India, 2005-06

     

    NSS Report No. 525: Unorganised Manufacturing Sector in India, 2005-06 – Employment, Assets and Borrowings

     

    NSS Report No. 526: Unorganised Manufacturing Sector in India, 2005-06 – Input, Output and Value Added

    29

    Service sector enterprises excluding Trade

    July 2006 – June 2007

    NSS Report No. 528: Service Sector in India (2006-07): Operational Characteristics of Enterprises

     

    NSS Report No. 529: Service Sector in India (2006-07): Economic Characteristics of Enterprises

    30

    Unincorporated non-agricultural enterprises in

    manufacturing, trade and other service sector

    (excluding Construction)

    July 2010 – June 2011

    KI (67/2.34): Key Results of Survey on Unincorporated Non-agricultural Enterprises (Excluding Construction) in India

     

    NSS Report No. 546: Operational Characteristics of Unincorporated Non-agricultural Enterprises (Excluding Construction) in India

     

    NSS Report No. 549: Economic Characteristics of Unincorporated Non-agricultural Enterprises (Excluding Construction) in India

    31

    Annual Survey of Industries (ASI)

    Continuous annual Survey conducted for every financial year from 2003-04 to 2013-14

    Reports released for all surveys of ASI conducted for every financial year from 2003-04 to 2013-14.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India – New Zealand Joint Statement

    Source: Government of India

    Posted On: 17 MAR 2025 2:39PM by PIB Delhi

    At the invitation of the Prime Minister of India, Shri Narendra Modi, the Prime Minister of New Zealand, Rt Hon Christopher Luxon, is on an Official Visit to India on 16-20 March 2025. Prime Minister Luxon, who is on his first visit to India in his current capacity, is visiting New Delhi and Mumbai, and is accompanied by Hon. Louise Upston, Minister for Tourism and Hospitality, Hon. Mark Mitchell, Minister for Ethnic Communities, and Sport and Recreation, and Hon. Todd McClay, Minister for Trade and Investment, Agriculture, and Forestry, and a high-level delegation comprising of officials, and representatives of businesses, community diaspora, media and cultural groups.

    Prime Minister Luxon was accorded a warm and traditional welcome in New Delhi. Prime Minister Modi held bilateral talks with Prime Minister Luxon. Prime Minister Modi will inaugurate the 10th edition of the Raisina Dialogue on 17 March 2025 in New Delhi with Prime Minister Luxon as the Chief Guest delivering the Inaugural Keynote Address. The Prime Minister laid a wreath at Raj Ghat Mahatma Gandhi Memorial and also called on President Droupadi Murmu.

    The Prime Ministers reaffirmed their shared desire to further strengthen the growing bilateral relationship between India and New Zealand which is anchored in shared democratic values and robust people-to-people ties. Both leaders recognized that there remains significant potential for further growth in the bilateral relationship and agreed to cooperate closely in diverse areas, including trade and investment, defence and security, education and research, science and technology, agri-tech, space, mobility of people and sports.

    The Prime Ministers exchanged views on regional and global developments of mutual interest and agreed to strengthen multilateral cooperation. The Prime Ministers recognised that we face an increasingly uncertain and dangerous world. They noted that, as maritime nations, India and New Zealand have a strong and common interest in an open, inclusive, stable and prosperous Indo-Pacific, where the rules-based international order is upheld.

    The Prime Ministers reaffirmed the right of freedom of navigation and overflight and other lawful uses of the seas in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS). The Prime Ministers reaffirmed the need to pursue peaceful resolution of disputes in accordance with international law, particularly UNCLOS.

    The Prime Ministers noted with satisfaction the strong connections between the people of the two countries, with Indian-origin people making up almost six percent of New Zealand’s population. They appreciated the significant contribution of the Indian diaspora in New Zealand and their positive role in facilitating people-to-people ties between the two countries. Both leaders agreed on the significance of ensuring the safety and security of the Indian community, including students, in New Zealand, and of New Zealanders in India and visitors to India.

    Cooperation in trade, investment and financial matters:

    The Prime Ministers welcomed sustained trade and investment flows between India and New Zealand and called for further exploring the potential to expand bilateral trade. They encouraged businesses on both sides to cultivate links; explore emerging economic and investment opportunities to build upon the complementarities of the two economies.

    The Leaders called for greater two-way investment, reflective of the ongoing strong momentum in bilateral cooperation.

    The Prime Ministers agreed to enhance the trade and investment relationship between India and New Zealand to realise its untapped potential and to contribute to inclusive and sustainable economic growth.

    The Prime Ministers welcomed the launch of FTA negotiations for a balanced, ambitious, comprehensive, and mutually beneficial trade agreement to achieve deeper economic integration. The Leaders agreed that a comprehensive trade agreement offers a significant opportunity to enhance trade and economic cooperation. By leveraging each country’s strengths, addressing their respective concerns, and tackling challenges, a bilateral trade agreement can foster mutually beneficial trade and investment growth, ensuring equitable gains and complementarities for both sides. The Leaders committed to designate senior representatives to steer these negotiations to resolution as soon as reasonably possible.

     Within the context of FTA negotiations, the Leaders agreed to discussions between respective authorities on both sides to explore early implementation of cooperation in the digital payments sector.

    The Prime Ministers welcomed the signing of the Authorized Economic Operators Mutual Recognition Arrangement (AEO-MRA) under the aegis of the Customs Cooperation Arrangement (CCA) signed in 2024, which would facilitate easier movement of goods between the two countries by our respective trusted traders through close cooperation between customs authorities, thereby boosting bilateral trade.

    The Leaders welcomed new cooperation on horticulture and forestry, including: the signing of the Memorandum of Cooperation on Horticulture which would enhance bilateral cooperation by promoting knowledge and research exchanges, development of post-harvest and marketing infrastructure; and the signing of a Letter of Intent on Forestry Cooperation that encourages policy dialogues and technical exchanges.

    The Leaders recognized the positive role played by tourism in generating economic growth, increasing business engagements and generating greater understanding between people of the two countries. They welcomed the growing flows of tourists between India and New Zealand. They appreciated the update to the India-New Zealand Air Services Agreement and agreed to encourage their carriers for commencement of direct (non-stop) flight operations between the two countries.

    Political, defence and security cooperation:

    The Prime Ministers recognised the significance of parliamentary exchanges and encouraged regular visits of parliamentary delegations between the two countries.

    The Prime Ministers acknowledged the shared history of sacrifice of Indian and New Zealand service personnel who fought and served alongside one another around the world over the past century.

    The Prime Ministers welcomed sustained progress in defence engagements, including through participation in military exercises, staff college exchanges, regular port calls by naval ships, and exchange of high-level defence delegations. They recalled that the Indian Naval sailing vessel Tarini made a port call at Lyttelton, Christchurch, New Zealand in December 2024. They also referred to the upcoming port call in Mumbai by the Royal New Zealand Navy Ship HMNZS Te Kaha.

    Both Leaders welcomed the signing of the India-New Zealand Memorandum of Understanding for Defence Cooperation. This will further strengthen bilateral defence cooperation and establish regular bilateral defence engagement. Both sides noted the need for ensuring the safety and security of sea lanes of communication and agreed there needs to be regular dialogue to discuss enhancement of maritime safety.

    New Zealand welcomed India joining the Combined Maritimes Forces. Both Leaders welcomed advancement in defence ties during New Zealand command of Command Task Force 150.

    Both Leaders appreciated the regular training exchanges of officers, including at Defence Colleges on reciprocal basis. Both sides agreed for enhanced capacity building cooperation.

    Prime Minister Luxon expressed New Zealand’s interest in joining the Indo-Pacific Oceans Initiative (IPOI). Prime Minister Modi welcomed New Zealand into this partnership with like-minded countries which seek to manage, conserve and sustain the maritime domain. Further cooperation as maritime nations is also being explored between India and New Zealand with discussions taking place between experts on the National Maritime Heritage Complex (NMHC) which is being established at Lothal, Gujarat.

    Cooperation in science & technology and disaster management:

    The two Leaders noted the significance of research, scientific connections, technology partnerships and innovation as an important pillar of the bilateral partnership and called for exploring such opportunities in mutual interest. Both sides stressed the need for stronger collaboration to develop and commercialize technologies in identified areas through closer collaboration between businesses, and industries.

    The two sides recognized the challenges for their economies presented by climate change and the transition to low emissions climate resilient economies. Prime Minister Luxon welcomed India’s leadership in the International Solar Alliance (ISA) and reiterated New Zealand’s strong support as a member since 2024. Prime Minister Modi welcomed New Zealand joining the Coalition for Disaster Resilient Infrastructure (CDRI), which aims at making systems and infrastructure resilient in order to achieve the objectives of the Sustainable Development Goals (SDGs), the Paris Climate Agreement and the Sendai Framework for Disaster Risk Reduction.

    The two Leaders welcomed work towards a Memorandum of Cooperation on earthquake mitigation cooperation between relevant authorities of India and New Zealand, which would facilitate inter alia exchange of experiences in earthquake preparedness, emergency response mechanism, and capacity building.

    Education, mobility, sports and people to people ties:

    Both Prime Ministers agreed that there exists great potential to further strengthen the growing education and community links between India and New Zealand. They encouraged academic institutions of both countries to build future-oriented partnerships focused on areas of mutual interest including in areas of science, innovation, new and emerging technologies.

    The Leaders encouraged the creation of further opportunities for Indian students seeking quality education programmes in New Zealand. They noted the significance of skill development and mobility of skilled personnel to support expanded engagement in sectors, including science, innovation, and new and emerging technologies. The two Leaders agreed, within the context of the trade agreement negotiations, which the Leaders have agreed to launch, to also launch negotiations on an arrangement facilitating the mobility of professionals and skilled workers between the two countries, while also addressing the issue of irregular migration.

    The Leaders welcomed the signature of the refreshed Education Cooperation Arrangement between the Indian Ministry of Education and the New Zealand Ministry of Education. This Arrangement will facilitate the continued exchange of information on India’s and New Zealand’s respective education systems as the basis for strengthening the bilateral education relationship.

    The Leaders noted that India and New Zealand enjoy close sporting links, particularly in cricket, hockey and other Olympic sports. They welcomed the signing of the Memorandum of Cooperation on Sports to foster greater sporting engagement and collaboration between countries. They also welcomed the “Sporting Unity” events planned in 2026, to recognise and celebrate 100 years of sporting contact between India and New Zealand.

    The Prime Ministers acknowledged the importance of robust systems of traditional medicine in India and New Zealand, and welcomed discussions between experts, including science and research experts, on both sides to understand and explore possible areas of cooperation, including through sharing of information and best practices and visits of experts.

    Both Prime Ministers noted the growing interest among New Zealanders in Yoga and Indian music and dance, as well as the free observance of Indian festivals. They encouraged further promotion of bilateral ties including through music, dance, theatre, films, and festivals.

    Cooperation in regional and multilateral fora:

    Both Prime Ministers reaffirmed their commitment to supporting an open, inclusive, stable and prosperous Indo-Pacific where sovereignty and territorial integrity are respected.

    The Leaders noted cooperation between India and New Zealand in various regional fora, including ASEAN-led fora such as the East Asia Summit, the ASEAN Defence Ministers’ Meeting Plus and the ASEAN Regional Forum. The Leaders reaffirmed the importance of these regional bodies and ASEAN centrality for furthering security and prosperity of the Indo-Pacific region and emphasised the importance of all parties maintaining peace and stability in the region.

    Both Leaders emphasized on the importance of an effective multilateral system, centered on a United Nations that is reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council through expansion in its membership, to make it more representative, credible and effective. New Zealand endorsed India’s candidature for permanent membership in a reformed UN Security Council. The two sides agreed to explore the possibility of extending mutual support to each other’s candidatures at the multilateral fora.

    Both Leaders emphasized the importance of upholding the global nuclear disarmament and non-proliferation regime, and acknowledged the value of India joining the Nuclear Suppliers Group in context of predictability for India’s clean energy goals and its non-proliferation credentials.

    Both Leaders reaffirmed their firm support for peace and stability in the Middle East and welcomed the agreement for the release of hostages and ceasefire of January 2025. They reiterated their call for continued negotiations to secure a permanent peace, which includes the release of all hostages and the rapid, safe and unimpeded humanitarian access throughout Gaza. Both Leaders stressed the importance of a negotiated two-State solution, leading to the establishment of a sovereign, viable and independent state of Palestine, and living within secure and mutually recognized borders, side by side in peace and security with Israel.

    The Leaders exchanged views on the war in Ukraine and expressed support for a just and lasting peace based on respect for international law, principles of the UN charter, and territorial integrity and sovereignty.

    The two Leaders reiterated their absolute condemnation of terrorism in all its forms and manifestations, and the use of terrorist proxies in cross-border terrorism. Both stressed the urgent need for all countries to take immediate, sustained, measurable, and concrete action against UN-proscribed terrorist organizations and individuals. They called for disrupting of terrorism financing networks and safe havens, dismantling of terror infrastructure, including online, and bringing perpetrators of terrorism to justice swiftly. The two leaders agreed to cooperate in combating terrorism and violent extremism through bilateral and multilateral mechanisms.

    The two Prime Ministers noted with satisfaction the progress in ongoing bilateral cooperation and reaffirmed their commitment to further strengthen and deepen the bilateral partnership for mutual benefit as well as for the benefit of the Indo-Pacific Region. They called for exploring the potential to deepen bilateral engagement and explore new avenues of cooperation, including in the fields of green and agriculture technologies.

    Prime Minister Luxon thanked Prime Minister Modi and the Government and the people of India for the warmth and hospitality extended to him and to the members of his delegation during his Official Visit to India. Prime Minister Luxon invited Prime Minister Modi to undertake a reciprocal visit to New Zealand.

     

    ***

    MJPS/ST

    (Release ID: 2111753) Visitor Counter : 107

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: List of Outcomes: Official Visit of Prime Minister of New Zealand, Rt. Hon Christopher Luxon, to India

    Source: Government of India

    Posted On: 17 MAR 2025 2:27PM by PIB Delhi

    Announcements:

    1. Launch of negotiations between India and New Zealand on a Free Trade Agreement (FTA);

    2. Launch of negotiations between India and New Zealand on an arrangement facilitating the mobility of professionals and skilled workers;

    3. New Zealand joins the Indo-Pacific Oceans’ Initiative (IPOI);

    4. New Zealand becomes member of the Coalition for Disaster Resilient Infrastructure (CDRI)

    Bilateral Documents:

    1. Joint Statement

    2. Memorandum of Understanding on Defence Cooperation between the Ministry of Defence of India and the New Zealand Ministry of Defence;

    3. Authorized Economic Operator – Mutual Recognition Agreement (AEO-MRA) between the Central Board of Indirect Taxes and Customs of India (CBIC) and the New Zealand Customs Service;

    4. Memorandum of Cooperation on Horticulture between the Ministry of Agriculture and Farmers’ Welfare of India and the Ministry for Primary Industries of New Zealand;

    5. Letter of Intent on Forestry between the Ministry of Environment, Forest, and Climate Change of India and the Ministry for Primary Industries of New Zealand;

    6. Education Cooperation Agreement between the Ministry of Education of the Republic of India and the Ministry of Education of New Zealand; and

    7. Memorandum of Cooperation in Sports between the Ministry of Youth Affairs & Sports of the Government of India and the Sport New Zealand of the Government of New Zealand

     

    ***

    MJPS/ST

    (Release ID: 2111745) Visitor Counter : 114

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Volume and price statistics of external merchandise trade in January 2025

    Source: Hong Kong Government special administrative region

    Volume and price statistics of external merchandise trade in January 2025 
         In January 2025, the volume of Hong Kong’s total exports of goods and imports of goods decreased by 2.0% and 1.7% respectively over January 2024. Due to the difference in timing of the Lunar New Year holidays, it is more appropriate to analyse the trade figures for January and February taken together in making year-on-year comparison.
     
         Comparing the three months ending January 2025 with the three months ending January 2024, the volume of Hong Kong’s total exports of goods and imports of goods decreased by 0.1% and 0.8% respectively.
     
         Comparing the three-month period ending January 2025 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 2.7% and 0.3% respectively.
     
         Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
     
         Comparing January 2025 with January 2024, the prices of total exports of goods and imports of goods both increased by 2.0%.
     
         Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.
     
         The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods.  Compared with the same period in 2024, the index remained virtually unchanged in January 2025.
     
         Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
     
         Comparing January 2025 with January 2024, declines were recorded for the total export volume to India (-22.1%), the mainland of China (the Mainland) (-3.6%) and Taiwan (-2.2%). On the other hand, the total export volume to the USA (12.2%) and Vietnam (65.9%) increased.
     
         Over the same period of comparison, the total export prices to Vietnam (4.0%), Taiwan (4.0%), the USA (2.4%) and the Mainland (1.6%) increased. On the other hand, the total export prices to India decreased by 1.2%.
     
         Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
     
         Comparing January 2025 with January 2024, declines were recorded for the import volume from Korea (-25.3%) and the Mainland (-9.0%). On the other hand, the import volume from Singapore (2.9%), Taiwan (32.1%) and Malaysia (44.8%) increased.
     
         Over the same period of comparison, the import prices from all main suppliers increased: Korea (8.4%), Malaysia (5.3%), Taiwan (3.1%), Singapore (2.1%) and the Mainland (0.3%).
     
    Further information
     
         Details of the above statistics are published in the January 2025 issue of “Hong Kong Merchandise Trade Index Numbers”.  Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230 
         Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
    Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Speech by CS at Kick-off Ceremony of Entertainment Expo Hong Kong 2025 (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Chief Secretary for Administration, Mr Chan Kwok-ki, at the Kick-off Ceremony of Entertainment Expo Hong Kong 2025 today (March 17):

    尊敬的燕副司長 (Deputy Director-General of the International Cooperation Department of the National Radio and Television Administration, Ms Yan Ni), Peter (Chairman of the Hong Kong Trade Development Council, Dr Peter Lam), Leon (Hong Kong Entertainment Ambassador, Mr Leon Lai), distinguished guests, ladies and gentlemen,

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Global Engagement Scheme to promote Indian Art and Culture

    Source: Government of India (2)

    Posted On: 17 MAR 2025 3:54PM by PIB Delhi

    Ministry of Culture implements “Global Engagement Scheme” to promote India’s rich cultural heritage internationally and enhance India’s global image.

    The key Scheme objectives include strengthening cultural ties with foreign nations, promoting bilateral cultural contacts, projecting India’s cultural identity on the world stage and encouraging inbound tourism. The Global Engagement Scheme is administered through Indian Missions abroad to achieve its objective through following components:

     

    1. Festival of India:

     

    The artists practicing Indian art forms, are given opportunity to perform abroad under the banner of ‘Festival of India’. The artists from diverse cultural fields such as Folk Art including Folk Music, Folk Dance, Folk Theatre & Puppetry, Classical and Traditional Dance, Experimental/Contemporary Dance, Classical/Semi Classical Music, Theatre etc. perform in the ‘Festivals of India’ abroad.

     

    1. Grant in aid to Indo Foreign Friendship Cultural Societies:

     

    Grant in aid is released to Indo Foreign Friendship Cultural Societies actively functioning in foreign counties through our Indian Missions with the object of fostering closer friendship and cultural contacts between India and foreign country concerned.

    The Indian Council for Cultural Relations (ICCR), an autonomous organisation under Ministry of External Affairs (MEA), promotes Indian culture (including folk arts & culture) worldwide through its Cultural Centres and Missions/Posts abroad. Activities conducted by them include inter-alia, teaching of Yoga, Dance, Music (vocal and instrumental), Sanskrit and Hindi; organising/supporting Conferences/ Seminars/ Workshops in different fields of Indian culture; supporting Chairs of Indian Studies in foreign universities; gifting of busts/statues of Mahatma Gandhi and other national icons, exchanging visual arts exhibitions, celebrating International Day of Yoga and Indian festivals, hosting visitors under various Visitors Programmes (Academic / Distinguished /Important /Gen. Next Democracy Network); and sponsoring scholarships to foreign students under different scholarship schemes.

    ICCR has also concluded MoUs with various State Governments to promote their culture abroad and to facilitate cultural exchanges with foreign countries. ICCR also hosts incoming foreign cultural troupes to enable Indians to discover various foreign cultures.

    Ministry of Culture has empaneled 627 artists/groups under various art forms and artists are selected from the empaneled list for deputing to perform in the Festivals of India abroad. The Folk artists are paid performance fee @ Rs. 35,000/- (to leader/main artist) and @ Rs. 7000/- (to accompanying artist) for each performance in Festival of India.

    Also, the Ministry of Culture administers a Scheme by the name of ‘Financial Assistance for Veteran Artists’ with the objective to support old and poor artists aged 60 and above, who have contributed significantly in their specialized fields of arts, letters including folk art or are still contributing. Financial assistance under this scheme is provided maximum up to Rs. 6000/- per month to the selected artists after adjusting the amount of State artists pension received, if any.

    This information was given by Union Minister for Culture and Tourism Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

     

    (Release ID: 2111820) Visitor Counter : 60

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Boosting of Leisure Tourism in India

    Source: Government of India

    Posted On: 17 MAR 2025 3:49PM by PIB Delhi

    As per data from the Bureau of Immigration, India recorded 9.52 million Foreign Tourist Arrivals (FTAs) in 2023, reflecting a 47.90% increase compared to 2022. The number of FTAs for Leisure, Holiday, and Recreation in 2023 was 4.40 million, registering an 86.96% growth compared to 2022. Similarly, FTAs for Business and Professional purposes stood at 0.98 million in 2023, marking a 49.66% increase from the previous year.

    FTAs have recovered to 87.1% of the pre-pandemic levels closely aligning with the global recovery rate of 88.8% and surpassing the Asia-Pacific region’s recovery rate of 65.4%.

    The growth in Foreign Tourist Arrivals (FTAs) is mainly driven by the post-pandemic revival of global travel and increasing confidence in India as a diverse and culturally rich destination. Enhanced air connectivity has improved accessibility to key tourist spots, while continuous development of tourism infrastructure has elevated the visitor experience. Additionally, targeted domestic and international marketing campaigns have strengthened India’s global appeal, positioning it as a premier destination for travelers worldwide.

    Ministry of Tourism has taken several measures/initiatives over the years to increase tourist arrivals in the country, details of which are:

     

    ●       The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, ‘National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/ Union Territory Administrations/ Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.

    ●       Ministry of Tourism through its various campaigns and events promotes various tourism destinations and products of India in domestic and international markets. Some of the initiatives are Dekho Apna Desh campaign, Chalo India campaign, International Tourism Mart, Bharat Parv.

    ●       The Incredible India Content Hub was launched which is available in the public domain. Promotions are also carried out through the web-site – www.incredibleindia.org and social media handles of the Ministry.

    ●       Thematic tourism like wellness tourism, culinary tourism, rural, eco-tourism, etc. amongst other niche subjects are promoted so as to expand the scope of tourism into other sectors as well.

    ●       Enhance the overall quality and visitor experience through initiatives focused on capacity building, skill development such as ‘Capacity Building for Service Providers’ ‘Incredible India Tourist Facilitator’ (IITF), ‘Paryatan Mitra’ and ‘Paryatan Didi’.

    ●       For improving air connectivity to important tourist destinations, Ministry of Tourism has collaborated with Ministry of Civil Aviation under their RCS-UDAN Scheme. As on date, 53 tourism routes have been operationalized.

    ●       e-Visa scheme is now available to 167 countries and it is available for 9 sub-categories:

     

    i.        e-Tourist Visa

    ii.       e-Business Visa

    iii.      e-Medical Visa

    iv       e-Conference Visa

    v.       e-Medical Attendant Visa

    vi.      e-Ayush Visa

    vii.     e-Ayush Attendant Visa

    viii.   e- Student Visa

    ix.      e-Student X Visa

     

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2111811) Visitor Counter : 19

    MIL OSI Asia Pacific News

  • MIL-OSI: Diversified Achieves Strong Final Year-End 2024 Results, Delivers on Capital Allocation Promises, and Introduces 2025 Combined Company Outlook

    Source: GlobeNewswire (MIL-OSI)

    2024 Achievements Position Diversified on a Meaningful Path Forward as a Stronger and Larger Company

    Executed Approximately $2 Billion of Acquisitions in an Advantageous Pricing Environment

    Third year of Consistent Operating Costs Despite Broader Industry and Inflationary Pressures

    Maverick Integration Anticipated to Provide Meaningful Financial and Operational Benefits to Drive Free Cash Flow Acceleration

    Created a PDP Solution for Upstream Peers to Facilitate Operated Acquisitions with an Undeveloped Inventory Focus

    BIRMINGHAM, Ala., March 17, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its operational and final audited results for the year ended December 31, 2024.

    Diversified remains a differentiated key player in acquiring and building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through its unique operational framework, strategic development partnerships, and growing adjacent business segments, including coal mine methane (CMM), energy marketing and well-retirement. By completing over $4.0 billion of acquisitions since its public listing in 2017, Diversified has built a large-scale integration and operating company that remains focused on delivering de-risked, reliable cash flow for its shareholders. With the combination of maturing assets and M&A activity leading to growth-oriented E&P’s recycling capital through divestment, there remains an ample opportunity set for Diversified’s continued growth. Additionally, with most upstream acquisitions today focusing on increasing undeveloped inventory, Diversified provides a creative and actionable solution as the PDP purchasing partner for those E&P’s that only value inventory.

    Only Publicly Traded Champion of the PDP Subsector with Unique Strategic Advantages

    • Large Operational Scale: Multiple geographies in core basins including Western Anadarko (largest producer), Permian, Appalachia, Barnett and Ark-La-Tex with commodity product diversification
    • Vertical Integration: In-house marketing, extensive midstream network, wholly-owned processing infrastructure, and a well retirement business segment
    • Leading Technology Platform: 100% cloud architecture, supporting well level data capture, information for actionable production optimization, and real-time monitoring which mitigates production downtime
    • Beneficial Financing Solution: Demonstrated ability to access numerous capital solutions, including investment grade, low-cost Asset Backed Securities, commercial banking facilities and equity investment partners
    • Flexible Capital Allocation: shareholder returns-focused model prioritizing Free Cash Flow for systematic debt reduction, fixed dividend payments, opportunistic share repurchases, and accretive acquisitions
    • Proven Process to Capture Synergies: established integration playbook and sophisticated corporate infrastructure provides considerable expense savings and unlocks sustainable value

    Delivering Consistent and Reliable Results in 2024        

    • Delivered average net daily production: 791 MMcfepd (132 MBoepd)
      • December exit rate of 864 MMcfepd (144 MBoepd)
    • Year end 2024 reserves of 4.5 Tcfe (747 MMBoe; PV10 of $3.3 billion(b))
    • Total Revenue, inclusive of hedges of $946 million(e), net of $151 million in commodity cash hedge receipts that supplemented Total Revenue of $795 million
    • Operating Cash Flow of $346 million; Net loss of $87 million, inclusive of $141 million tax-effected, non-cash unsettled derivative fair value adjustments
    • Adjusted EBITDA of $472 million(c); Adjusted Free Cash Flow of $211 million(d)
      • 2024 Adjusted EBITDA Margin of 51%(c)
      • 2024 Adjusted Operating Cost per unit of $1.70/Mcfe ($10.22/Boe)

    Achieving Expectations

    • Recommend a final quarterly dividend of $0.29 per share
    • Generated $49 million of cash proceeds through land sales and Coal Mine Methane Revenues
    • Retired over $200 million in debt principal through amortizing debt payments
    • Returned $105 million to shareholders, including $21 million in share buybacks(h)
    • Completed $585 million (gross) in strategic and bolt-on acquisitions during 2024
    • Retired 202 Diversified wells in Appalachia, marking third consecutive year to exceed 200 wells
    • OGMP Gold Standard and MSCI AA Rating for third and second consecutive year, respectively
    • Decreased Scope 1 methane intensity to 0.7 MT CO2e per MMcfe, a 13% reduction from 2023

    Powerful Step Forward

    • Closed transformative $1.3 billion acquisition of Maverick Natural Resources (“Maverick”)
      • Largest Producer in the Western Anadarko Basin (WAB)
      • Entry into the Permian basin
      • Expecting to achieve over $50 million in annual synergies by year-end 2025
    • Closed the accretive bolt-on acquisition of assets from Summit Natural Resources
      • Anticipate over 300% increase in cash flow from CMM environmental credit sales in the next 24 months
    • Developed a unique partnership to create an innovative, reliable, net-zero data center power solution
    • Enhancing free cash flow growth in 2025 by advantageously added natural gas hedges (related to ABS & recent acquisitions) and planning approximately $40 million from the divestiture of undeveloped leasehold during the first half of 2025

    CEO Rusty Hutson, Jr. commented:

    “Our over 1,600 women and men of Diversified remain the driving force behind our strong operational and financial performance in 2024. Whether it’s natural gas to power the technology of the future or the everyday needs of families and businesses across our operating region, Diversified provides the reliable and sustainable energy needed, and we continue to invest in growing our business while expanding our opportunity set of cash flow generation through verticals in a variety of end markets.

    We have built a Company that remains highly focused on long-term value creation through the growth of our platform and our ability to leverage vertical integration and scale to operate a structurally and dependably higher-margin business that delivers de-risked, consistent cash flow. Our focused strategy, disciplined leadership team, sound operating practices, and the strong demand for natural gas provide us with momentum as we begin the year and the confidence to achieve our full-year 2025 expectations while executing against our capital allocation strategy. We are starting the year in a position of strength as a bigger, better business, and there has never been a more exciting time for our Company and the energy industry. We feel privileged to be at the heart of the energy renaissance as the Right Company at the Right Time to help provide essential energy needs.”

    Combined Company 2025 Outlook

    Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick Natural Resources assets while continuing to prioritize returns and Free Cash Flow generation.

    The following outlook incorporates a nine-month contribution from the recently acquired Maverick.

      2025 Guidance
    Total Production (Mmcfe/d) 1,050 to 1,100
    % Liquids ~25%
    % Natural Gas ~75%
    Total Capital Expenditures (millions) $165 to $185
    Adj. EBITDA(millions) $825 to $875
    Adj. Free Cash Flow(millions) ~$420
    Leverage Target 2.0x to 2.5x
    Combined Company Synergies (millions) >$50
    Includes the value of anticipated cash proceeds for 2025 land sales
     

    Posting of 2024 Annual Report and Notice of Annual General Meeting

    Diversified has published to the Company’s website its 2024 Annual Report and Notice of AGM, along with the form of proxy for the AGM. These documents can be viewed or downloaded from Diversified’s website at https://ir.div.energy/financial-info.

    The Company has also provided copies of these documents to the National Storage Mechanism that, in accordance with UK Listing Rule 6.4.1R, will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Annual General Meeting Arrangements

    The Company’s AGM will be held on April 9, 2025 at 1:00pm BST (8:00am EDT) at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

    Presentation and Webcast

    DEC will host a conference call today at 12:30 pm GMT (8:30am EDT) to discuss these results. The conference call details are as follows:

    A corporate presentation will be posted to the Company’s website before the conference call. The presentation can be found at https://ir.div.energy/presentations.

    Footnotes:

    (a) Corporate decline rate of ~10% calculated as the change in average daily production for the month of December 2023 (775 MMcfepd), adjusted for the impact of acquisitions and divestitures occurring during the 2024 calendar year, to the average daily production for the month of December 2024.
    (b) Based on the Company’s year-end PDP reserves and using 10-year NYMEX strip, as at December 31, 2024.
    (c) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million and Lease Operating Expense of $19 million in 2024 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy. For more information, please refer to Non-IFRS Measures, below.
    (d) Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; For more information, please refer to Non-IFRS Measures, below.
    (e) Calculated as total revenue recorded for the period, inclusive of the impact of derivatives settled in cash. For more information, please refer to Non-IFRS Measures, below.
    (f) Calculated as the availability on the Company’s Revolving Credit Facility (“SLL”) and cash on hand (unrestricted)of December 31, 2024; Does not include the impact of Letters of Credit.
    (g) Net Debt-to-Adjusted EBITDA, or “Leverage” or “Leverage Ratio,” is measured as Net Debt divided by Pro Forma Adjusted EBITDA; Pro forma adjusted EBITDA includes adjustments for the year ended December 31, 2024 for the annualized impact of acquisitions completed during the year. Net Debt calculated as of December 31, 2024 and includes total debt as recognized on the balance sheet, less cash and restricted cash; Total debt includes the Company’s borrowings under the Company’s Revolving Credit Facility (“SLL”) and borrowings under or issuances of, as applicable, the Company’s subsidiaries’ securitization facilities. For more information, please refer to Non-IFRS Measures, below.
       

    For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in Diversified’s 2024 Annual Report

    For further information, please contact:  
    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    www.div.energy  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Important Notices

    This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company, and its wholly owned subsidiaries (“the Group”) following the Maverick Acquisition. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “outlook” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions, and the Company’s or Group’s ability to realize expected benefits of the Maverick acquisition. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

    Forward-looking statements speak only as of their date and neither the Company, nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

    The contents of this announcement are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice respectively.

    Percentages in tables have been rounded and accordingly may not add up to 100 per cent. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data.

    Use of Non-IFRS Measures

    Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems.

    Non-IFRS Disclosures

    Adjusted EBITDA

    As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation, and amortization. Adjusted EBITDA further adjusts for items that are not comparable period-over-period, including accretion of asset retirement obligations, other (income) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and other similar items.

    Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit (loss), net income (loss), or cash flows provided by (used in) operating, investing, and financing activities. However, we believe this measure is useful to investors in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to assess this metric as a percentage of our total revenue, inclusive of settled hedges, which we refer to as adjusted EBITDA margin.

      Year Ended
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Net income (loss) $ (87,001 ) $ 759,701   $ (620,598 )
    Finance costs   137,643     134,166     100,799  
    Accretion of asset retirement obligations   30,868     26,926     27,569  
    Other (income) expense(a)   (1,257 )   (385 )   (269 )
    Income tax (benefit) expense   (136,951 )   240,643     (178,904 )
    Depreciation, depletion and amortization   256,484     224,546     222,257  
    (Gain) loss on bargain purchases           (4,447 )
    (Gain) loss on fair value adjustments of unsettled financial instruments   189,030     (905,695 )   861,457  
    (Gain) loss on natural gas and oil properties and equipment(b)   15,308     4,014     93  
    (Gain) loss on sale of equity interest   7,375     (18,440 )    
    Unrealized (gain) loss on investment   4,013     (4,610 )    
    Impairment of proved properties(c)       41,616      
    Costs associated with acquisitions   11,573     16,775     15,545  
    Other adjusting costs(d)   22,375     17,794     69,967  
    Loss on early retirement of debt   14,753          
    Non-cash equity compensation   8,286     6,494     8,051  
    (Gain) loss on foreign currency hedge       521      
    (Gain) loss on interest rate swap   (190 )   2,722     1,434  
    Total adjustments $ 559,310   $ (212,913 ) $ 1,123,552  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Pro forma adjusted EBITDA(e) $ 548,570   $ 553,252   $ 574,414  
    1. Excludes $1 million in dividend distributions received for our investment in DP Lion Equity Holdco during the year ended December 31, 2024.
    2. Excludes $27 million, $24 million and $2 million in cash proceeds received for leasehold sales during the years ended December 31, 2024, 2023 and 2022, respectively, less $14 million and $4 million of basis in leasehold sales for the years ended December 31, 2024 and 2023, respectively.
    3. For the year ended December 31, 2023, the Group determined the carrying amounts of certain proved properties within two fields were not recoverable from future cash flows, and therefore, were impaired.
    4. Other adjusting costs for the year ended December 31, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain litigation, and expenses associated with unused firm transportation agreements. For the year ended December 31, 2023, these costs were primarily related to legal and professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December 31, 2022, these costs mainly included $28 million in contract terminations, which enabled the Group to secure more favorable future pricing, and $31 million in deal breakage and/or sourcing costs for acquisitions.
    5. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.

    Total Revenue, Inclusive of Hedges and Adjusted EBITDA Margin

    As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

    As used herein, adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable costs components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods.

      Year Ended
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Total revenue $ 794,841   $ 868,263   $ 1,919,349  
    Net gain (loss) on commodity derivative instruments(a)   151,289     178,064     (895,802 )
    Total revenue, inclusive of settled hedges $ 946,130   $ 1,046,327   $ 1,023,547  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Adjusted EBITDA margin   50 %   52 %   49 %
    Adjusted EBITDA margin, excluding Next LVL Energy   51 %   53 %   50 %
    1. Net gain (loss) on commodity derivative settlements represents the cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.

    Free Cash Flow

    As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

      Year Ended
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Net cash provided by operating activities $ 345,663   $ 410,132   $ 387,764  
    LESS: Expenditures on natural gas and oil properties and equipment   (52,100 )   (74,252 )   (86,079 )
    LESS: Cash paid for interest   (123,141 )   (116,784 )   (83,958 )
    Free cash flow $ 170,422   $ 219,096   $ 217,727  
    Cash generated through divestitures of land $ 40,986   $ 28,160   $ 2,472  
    Adjusted free cash flow $ 211,408   $ 247,256   $ 220,199  


    Net Debt and Net Debt-to-Adjusted EBITDA (“Leverage”)

    As used herein, net debt represents total debt as recognized on the balance sheet, minus cash and restricted cash. Total debt includes borrowings under our Credit Facility and borrowings under, or issuances of, our subsidiaries’ securitization facilities. We believe net debt is a useful indicator of our leverage and capital structure.

    As used herein, net debt-to-adjusted EBITDA, also referred to as “leverage” or the “leverage ratio,” is calculated by dividing net debt by adjusted EBITDA. We believe this metric is a crucial measure of our financial liquidity and flexibility, and it is also used in the calculation of a key metric in one of our Credit Facility financial covenants.

      As of
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Total debt(a) $ 1,693,242   $ 1,276,627   $ 1,440,329  
    LESS: Cash   5,990     3,753     7,329  
    LESS: Restricted cash(b)   46,269     36,252     55,388  
    Net debt $ 1,640,983   $ 1,236,622   $ 1,377,612  
           
    Adjusted EBITDA $ 472,309,000   $ 546,788,000   $ 502,954,000  
    Pro forma adjusted EBITDA(c) $ 548,570   $ 553,252   $ 574,414  
    Net debt-to-pro forma adjusted EBITDA(d) 2.9x
      2.2x
      2.4x
     
    1. Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.
    2. The increase of restricted cash as of December 31, 2024, is due to the addition of $21 million and $3 million in restricted cash for the ABS VIII Notes and ABS IX Notes, respectively, offset by $7 million and $9 million for the retirement of the ABS III Notes and ABS V Notes, respectively.
    3. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.
    4. Excludes long-term plant financing of $30 million for the year ended December 31, 2024.

    The MIL Network

  • MIL-OSI: Bitfarms Advances U.S. Strategy with Completion of Stronghold Digital Mining Acquisition

    Source: GlobeNewswire (MIL-OSI)

    -1.1 GW PA Growth Pipeline Strategically Located for HPC/AI and BTC Mining-
    – Positions Bitfarms as the leading Bitcoin miner in PJM market-

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today announced the successful completion of its previously announced acquisition of Stronghold Digital Mining, Inc. (“Stronghold” or “SDIG”).

    The acquisition of Stronghold yields the following benefits:

    Strategic MW Growth

    • Increases energy portfolio to 623 Megawatts Under Management (“MWuM”) with incremental 165 MW of active generating capacity and 142 MW of immediately available import capacity
    • Secures 1.1 GW growth pipeline in Pennsylvania, including current power generation capacity, current grid import capacity and future import capacity
    • PJM demand response programs anticipated to reduce overall electricity costs

    U.S. Portfolio Expansion

    • Rebalances year-end 2025 energy portfolio to 80% North American and 20% international

    Advancement of HPC/AI Strategy

    • Potential to develop two power campuses totaling nearly one gigawatt for HPC/AI
    • Strategic partners WWT and ASG prioritizing Stronghold sites for potential HPC/AI conversion

    EH Growth

    • Adds nearly 1 Exahash Under Management (“EHuM”) through existing Canaan hosting agreements with 50% profit split, bringing Bitfarms total to 18 EHuM
    • Previously announced Stronghold hosting agreements are now Bitfarms self-mining

    Ben Gagnon, Chief Executive Officer of Bitfarms, stated, “The completion of this strategic acquisition further expands our U.S. footprint and makes us the industry leader in the PJM market. With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing on our US strategy and developing an HPC/AI business geared for scale. Our combined PJM pipeline, spanning three sites in Pennsylvania, totals over 1 GW with strategically located land, power and fiber that is well-suited for both HPC/AI and Bitcoin mining. This marks the start of an exciting new chapter for Bitfarms, and we’re thrilled to welcome the talented Stronghold team to write that chapter with us.”

    Transaction Details

    Bitfarms acquired Stronghold in a stock-for-stock merger pursuant to which Stronghold shareholders received 2.52 shares of Bitfarms for each share of Stronghold they own and Stronghold became a wholly-owned subsidiary of Bitfarms. Approximately 59,678,164 Bitfarms common shares and 10,574,848 Bitfarms warrants are being issued in connection with the consummation of the merger. In addition, approximately $44.5 million was paid at closing to retire outstanding Stronghold loans.

    In connection with the completion of the transaction, SDIG’s common stock ceased trading on Nasdaq prior to the opening of trading today.

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global Bitcoin and vertically integrated data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 15 operating Bitcoin data centers in four countries: the United States, Canada, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • MWuM = Megawatts Under Management, the electrical capacity currently being utilized or available to utilize in Bitfarms data centers which includes immediately available grid import capacity and active generation capacity
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • HPC/AI = High Performance Computing / Artificial Intelligence
    • PJM = Pennsylvania-New Jersey-Maryland Interconnection

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, the merits of the rebalancing operations to North America and projected growth, the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of the Company’s facilities may not occur as currently planned, or at all; an inability to successfully integrate the business of Stronghold Digital Mining, Inc. as contemplated, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com

    The MIL Network

  • MIL-OSI: Sprott Physical Gold Trust Net Asset Value Reaches $10 Billion

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott”) on behalf of the Sprott Physical Gold Trust (NYSE Arca/TSX: PHYS) (“PHYS” or “the Trust) today announced that PHYS’s net asset value (“NAV”) has surpassed US$10 billion.

    “We would like to thank our unitholders for their trust and support in helping the Sprott Physical Gold Trust reach this significant milestone,” said John Ciampaglia, Chief Executive Officer of Sprott Asset Management. “Since its launch in 2010, the Sprott Physical Gold Trust has provided investors with a secure and convenient way to own physical gold. In today’s uncertain world, the importance of fully-allocated, segregated physical gold has never been more clear,” added Mr. Ciampaglia.

    As of March 13, 2025, PHYS held 3.4 million ounces of gold on behalf of its unitholders.

    “Gold prices have set new records in 2025, driven largely by global central bank purchases. We expect this trend to accelerate and broaden as investor participation increases,” said Whitney George, Chief Executive Officer of Sprott.

    PHYS was created to invest and hold substantially all of its assets in physical gold bullion. Its goal is to provide a secure, convenient and exchange-traded investment alternative for investors who want to hold physical gold without the inconvenience that is typical of a direct investment in physical gold bullion. All of the gold held by PHYS is fully allocated and redeemable by investors, subject to minimum holding requirements.

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    About the Trust

    Important information about the Trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the prospectus. Please read the prospectus carefully before investing. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Trusts on the Toronto Stock Exchange (“TSX”) or the New York Stock Exchange (“NYSE”). If the units are purchased or sold on the TSX or the NYSE, investors may pay more than the current net asset value when buying units or shares of the Trusts and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Caution Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, without limitation, our expectation that gold buying accelerates and broadens as investor participation increases.

    With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the gold market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s continuous disclosure filings, which are available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    Investor Contact:

    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    Media contact:

    Dan Gagnier
    Gagnier Communications
    (646) 569-5897
    sprott@gagnierfc.com

    The MIL Network

  • MIL-OSI: Sprott Physical Copper Trust Announces Filing to List on NYSE Arca

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a wholly-owned subsidiary of Sprott Inc. (“Sprott”) (NYSE/TSX: SII), on behalf of the Sprott Physical Copper Trust (TSX: COP.UN) (TSX: COP.U) (the “Trust” or “COP”), a closed-ended trust created to invest and hold substantially all of its assets in physical copper metal, today announced that NYSE Arca has filed an application with the Securities and Exchange Commission (the “SEC”) to list and trade COP’s trust units (the “Units)” on NYSE Arca (the “NYSE Application”) in order to permit a dual-listing of the Units on both the TSX and NYSE Arca.

    “We believe a U.S. listing of Sprott Physical Copper Trust Units would provide U.S. investors with easier access to the only exchange listed physical copper fund. Copper is a critical material essential to meet growing demand for electricity generation, distribution and storage,” said John Ciampaglia, CEO of Sprott Asset Management.

    The NYSE Application has not been approved by the SEC. Any listing of the Units on NYSE Arca will be subject to the SEC’s approval of the NYSE Application and the effectiveness of a registration statement under the U.S. Securities Exchange Act of 1934 in respect of the listing. Sprott cannot provide any assurance that it will be successful in achieving a listing of the Units on the NYSE Arca.

    About Sprott
    Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com.

    About the Trust
    Important information about the Trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the prospectus. Please read the prospectus carefully before investing. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Trust on a stock exchange. If the units are purchased or sold on a stock exchange, investors may pay more than the current net asset value when buying units or shares of the Trusts and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Forward-Looking Statements
    This press release contains forward-looking information within the meaning of applicable securities laws (“forward looking statements”). Forward-looking statements in this press release include, without limitation, statements regarding the listing of the Units on NYSE Arca and the ability of such listing to increase investors’ access to investment opportunities in the copper market, as well as statements relating to trends in the copper market, including growing energy demand, electrification and adoption of new copper-intensive technologies. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: regulatory approvals in respect of the NYSE Application and the subsequent U.S. listing of the Units, as well as dynamics in the copper market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s prospectus supplement dated July 8, 2024 and related short form base shelf prospectus dated July 3, 2024, as updated by the Trust’s continuous disclosure filings, which are available at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    Contact:
    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    The MIL Network

  • MIL-OSI: Descartes Study: 39% of High-growth Companies Leverage Trade Compliance as Competitive Advantage

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA and LONDON, March 17, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, released findings from its study Top Three Traits of Companies with a Successful Approach to Trade Compliance. The study showed that 39% of fast-growing companies (those expecting greater than 15% growth over the next two years) consider trade compliance to be a competitive advantage and not only a regulatory requirement, compared to 22% of slower-growing companies (those with less than 5% growth expectations).

    Furthermore, 57% of companies surveyed believe technology is also very or extremely important for competitive advantage in trade compliance strategies (see Figure 1). This view is even more pronounced in growth businesses versus non-growth companies: 72%, or almost three quarters, of fast-growing companies believe technology is a valuable competitive differentiator, compared to just 41% of businesses predicting shrinking, limited, or no growth.

    Figure 1: Importance of technology for competitive advantage in trade compliance strategies

    Source: Descartes/SAPIO

    The study also revealed that 86% of fast-growing companies indicated technology is fundamental or highly important to growth strategies. Underscoring a strong link between technology, business expansion and trade compliance, 47% of fast-growing companies confirm investing in technology is the top approach to tackling international trade challenges—compared to just 18% of those expecting shrinking, limited, or no growth.

    In addition to gaining competitive advantage by leveraging trade compliance and investing in technology, higher-growth companies are focused on building a well-resourced compliance team. The study found that companies with greater than 15% expected growth in the next two years allocate an average of eight people to trade compliance activities, compared to six people in companies anticipating shrinking, limited, or no growth.

    “Given the volatility of the current trade landscape, rife with evolving tariffs, trade barriers, sanctions and regulations, effective and efficient global trade compliance is a distinct competitive differentiator,” said Jackson Wood, Director, Industry Strategy at Descartes. “Companies that invest in building their compliance teams view compliance as a strategic advantage. They leverage leading technologies to turn compliance into an engine for growth while creating more resilient supply chain operations.”

    Descartes and SAPIO Research surveyed 887 corporate decision makers in international trade compliance and/or supply chain intelligence across Argentina, Benelux, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Japan, Mexico, Norway, Sweden, UK and USA. The goal was to understand the strategies, tactics and technologies used by companies involved in international trade to help gain a competitive advantage and ensure continued business growth, and to identify if these varied by factors such as country, industry, company size and business growth. Respondents are members of company leadership teams, from management level to Chief Executive Officer or Owner. To learn more, read the study Top Three Traits of Companies with a Successful Approach to Trade Compliance.

    Learn more about Descartes’ global trade intelligence solutions.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2458abe4-87e5-4a31-8a58-b127eacde619

    The MIL Network

  • MIL-OSI Video: The Story of Us: Art Across the African Diaspora | United Nations

    Source: United Nations (Video News)

    The Stories of Us sculpture exhibition features five large-scale “talking drums” that were envisioned and painted by artists across the African diaspora. They focus on the theme of resistance, spanning Afro-descendant communities’ roots, to emancipation, to the tradition of “good trouble.” The exhibition serves as an invitation to reimagine who we want to be, and to act in the spirit of unity. It runs at United Nations Headquarters from early March to the end of April 2025, bookended by the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade (25 March) and the Permanent Forum for People of African Descent (14-17 April).

    https://www.youtube.com/watch?v=RYL8mfXDcnM

    MIL OSI Video

  • MIL-OSI: MEXC Launches DeepLink Protocol (DLC) with Spot and Futures Trading, Offering 16,000,000 DLC & 149,000 USDT to Fuel Decentralized Cloud Gaming

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 17, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of DeepLink Protocol (DLC) on both spot and futures markets, scheduled for March 18, 2025, at 12:00 (UTC). To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 16,000,000 DLC & 149,000 USDT, reinforcing its commitment to supporting cutting-edge blockchain projects.

    Powering Decentralized Cloud Gaming: DeepLink Protocol (DLC) Now Listed on MEXC

    DeepLink Protocol is a decentralized cloud gaming platform powered by AI and blockchain technology, merging Artificial Intelligence, GPU computing, Real-World Asset (RWA) Tokenization, and Decentralized Physical Infrastructure Networks (DePINs) into a unified ecosystem. With ultra-low-latency game rendering, DeepLink enables cloud-based esports, cybercafés, AAA gaming, and immersive virtual experiences, enhancing resolution and clarity through AI-driven optimization. Backed by leading investors such as Amber, DePIN X, and NeoVentures, and with 2.6 million+ users and 1.4 million+ DLC holders, DeepLink is rapidly scaling its ecosystem and sponsoring major blockchain events like WebX, KBW, and TOKEN 2049.

    As a global exchange, MEXC actively supports projects across sectors such as gaming, AI, and DePIN by providing market access, liquidity, and broader exposure. By listing DeepLink Protocol (DLC), MEXC enables more users to capture the investment opportunities in this sector, contributing to the expansion of decentralized gaming within the Web3 ecosystem. Beyond listing, MEXC plays a key role in helping emerging projects build market traction. With an active trading community and deep liquidity, MEXC will support the growth of DLC, ensuring accessibility for both retail and institutional participants. Additionally, through marketing initiatives, ecosystem collaborations, and trading events, MEXC enhances DLC’s visibility, driving engagement among Web3 users and expanding its adoption. By integrating DLC into its diverse asset offerings, MEXC continues to provide a launchpad for innovative projects, bridging blockchain technology with real-world applications.

    Celebrate the DLC Listing with a 16,000,000 DLC & 149,000 USDT Prize Pool

    MEXC continues its mission to support innovative blockchain projects by listing DeepLink Protocol (DLC) in the Innovation Zone on March 18, 2025, at 12:00 (UTC). The DLC/USDT spot market will be available first, followed by the DLC USDT perpetual futures launch at 12:10 (UTC), offering up to 50x leverage in both cross and isolated margin modes.

    To mark the occasion, a 16,000,000 DLC & 149,000 USDT prize pool will be available through a series of exclusive events from March 17, 2025, at 10:00 (UTC) to March 27, 2025, at 10:00 (UTC).

    Event 1: Airdrop+ Rewards

    • Deposit and share 10,000,000 DLC & 99,000 USDT (New user exclusive)
    • Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users)
    • Invite friends and share 6,000,000 DLC (Open to all users)

    Event 2: Spread the Word and Win DLC Rewards

    • Share the Airdrop+ event on social media between March 17 – March 23, 2025, and win additional DLC rewards.

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b74b171-c6e8-4d8e-8920-80a3612c24a9

    The MIL Network

  • MIL-OSI Africa: Ministry of Digital Transition and Administration Reform, the Digital Development Agency and GITEX Africa Morocco 2025 organiser announce the landmark third edition in Marrakech

    Source: Africa Press Organisation – English (2) – Report:

    RABAT, Morocco, March 17, 2025/APO Group/ —

    Under the High Patronage of His Majesty King Mohammed VI, May God Assist Him, the Ministry of Digital Transition and Administration Reform, in partnership with the Digital Development Agency (ADD) and KAOUN International, has officially announced the much-anticipated third edition of GITEX Africa Morocco (www.GITEXAfrica.com), set to take place from April 14 to 16, 2025, in the vibrant city of Marrakech. As Africa’s largest and most influential technology and startup event, GITEX Africa Morocco stands as a beacon of innovation, fostering investment, technological breakthroughs, and economic transformation across the continent.

    With the resounding success of previous editions, GITEX Africa Morocco 2025 is poised to be bigger, bolder, and more transformative than ever before. This year’s event will feature specialized industry summits, exclusive creative industry activations, and high-impact networking forums, all meticulously designed to connect government officials, industry pioneers, investors, and entrepreneurs in groundbreaking discussions and collaborations. With a reinforced focus on Africa’s digital public infrastructure, emerging AI ecosystems, and cutting-edge technological advancements, this edition will further establish Africa as a key player in the global tech landscape.

    Key features of GITEX Africa Morocco 2025

    Pioneering industry-centric initiatives

    Among the most highly anticipated additions to GITEX Africa Morocco 2025 is the Africa Future Connectivity Summit, an exclusive assembly for leaders in telecommunications, cloud computing, and data centers. This summit will delve into the far-reaching impact of broadband expansion, 5G deployment, and cloud-driven advancements, fostering strategic public-private partnerships that will shape Africa’s digital future.

    Bridging global African innovation

    Another key addition to GITEX Africa Morocco 2025 is the Diaspora Studio, a dedicated hub designed to unite African innovators across the world. This initiative aims to unlock investment opportunities, cross-border partnerships, and knowledge-sharing between the African diaspora and local tech ecosystems. By engaging with venture capitalists, startup incubators, and leading research institutions, this platform will serve as a powerful conduit for advancing Africa’s technological leadership on the world stage.

    Government leadership and global collaboration

    The Moroccan government remains a steadfast advocate for GITEX Africa Morocco’s growth, reinforcing its vision of establishing Morocco as a premier digital hub in Africa, in line with the High Instructions of His Majesty King Mohammed VI who stressed the necessity for Africa to be actively engaged in the digital transformation the world is witnessing today. The event will host high-level government representatives, regulatory bodies, and technology industry leaders, driving pivotal conversations on AI governance, digital regulations, and the policies defining Africa’s innovation landscape.

    H.E. Amal El Fallah Seghrouchni, Minister Delegate in Charge of Digital Transition and Administration Reform, Government of Morocco, emphasized the government’s dedication to this mission, stating: “Following the success of the 2024 edition, Morocco is proud to host the 3rd edition of GITEX AFRICA, reaffirming its role as a key enabler of Africa’s digital transformation. Under the High Patronage of His Majesty King Mohammed VI, may God assist Him, and with the strong commitment of the Moroccan Government, this edition will introduce strategic sectors such as EdTech, AgriTech, HealthTech, and SportsTech, reinforcing Africa’s position as a global hub for innovation. GITEX AFRICA 2025 will bring together industry leaders, innovators, and policymakers to foster high-impact collaborations and accelerate the continent’s integration into the global digital economy. Morocco remains committed to driving Africa’s technological future through innovation, investment, and strategic partnerships.”

    In addition to strong government support, the private sector is also demonstrating its commitment to Africa’s economic growth, with notably the International Finance Corporation (IFC) joining GITEX Africa as the Economic Development Partner. IFC’s involvement underscores its dedication to fostering sustainable investment and driving the continent’s digital transformation.

    The International Finance Corporation (IFC) will make a landmark appearance at GITEX Africa 2025, highlighting the intersection of global investment, technology, and entrepreneurship. A keynote from IFC’s Managing Director, Makhtar Diop, will address Africa’s economic evolution and the role of tech-driven growth. This engagement underscores the continent’s rising digital economy and the drive for scalable innovation in fintech and agribusiness.

    Additionally, SheWins Africa, an IFC initiative will be featured, reinforcing its mission to empower women-led startups and drive inclusive economic growth across the continent.

    Expanding sustainability and digital impact

    As GITEX Impact continues to grow, the 2025 edition will expand beyond its traditional focus on agritech, climate, and water technologies to encompass energy transition, mobility, edutech, and sports technologies. These pivotal sectors are instrumental in shaping Africa’s sustainable economic development, reinforcing GITEX Africa Morocco’s commitment to utilizing technology as a force for social and economic transformation.

    Mr. Mohammed Drissi Melyani, Director General of ADD saidGITEX Africa Morocco has become the continent’s foremost platform for digital transformation, facilitating the exchange of expertise and best practices in technological innovation while strengthening the global competitiveness of Africa’s public and private ecosystems.

    This third edition arrives at a crucial juncture, aligning with the worldwide acceleration of digital transition. GITEX Africa Morocco will address key challenges related to the resilience of the digital economy by showcasing strategic sectors such as Artificial Intelligence, Industry 4.0, IoT, Cloud, Cybersecurity, Fintech, Edutech, Agritech, Health Tech, Smart Cities, and E-Government, all in full alignment with the Sustainable Development Goals. As a global technology gathering, its overarching mission is to explore the boundless potential of digital innovation and its transformative impact, paving the way for a more inclusive and responsible future.”

    With an expanded presence of over 1,400 exhibitors from 130+ countries, GITEX Africa Morocco 2025 is expected to attract thousands of technology professionals, entrepreneurs, and investors, providing unparalleled opportunities for networking, deal-making, and knowledge exchange. The event will serve as the foremost platform for showcasing breakthrough innovations across AI, fintech, cybersecurity, health tech, smart cities, and digital transformation.

    KAOUN International, the overseas events company of Dubai World Trade Centre (DWTC) and organiser of GITEX events globally, is spearheading the event’s evolution as a world-class technology showcase. Trixie LohMirmand, CEO of KAOUN International, underscored the significance of this year’s edition, stating, “GITEX Africa’s momentum is advancing as new partnerships are forged and new industry sectors are explored to broaden the impact on the Africa’s digital landscape.

    To harness the positive outcomes from these initiatives, necessitate commitment and resilience from private and public stakeholders. We are confident GITEX AFRICA shall play a significant role in actuating and fast tracking the leverage of tech and adoption of AI in these vital sectors of economies.”

    Seizing the future of Africa’s digital revolution

    As Africa’s digital economy surges—projected to contribute $712 billion to the continent’s GDP by 2050—GITEX Africa Morocco 2025 presents a historic opportunity to engage with the continent’s brightest innovators, industry leaders, and global stakeholders. With Africa’s startup ecosystem poised to attract over $5 billion in venture capital investments, coupled with an expanding tech-savvy workforce, the continent is primed for rapid technological acceleration.

    GITEX Africa Morocco 2025 is the stage where the future of Africa’s digital economy takes shape. Don’t miss your chance to be part of this transformative event. Register now to attend or exhibit at www.GITEXAfrica.com, and secure your position at the center of Africa’s most influential technology gathering.

    Join us in Marrakech from April 14 to 16, 2025, as we chart the next chapter of Africa’s digital revolution and redefine the continent’s role in the global AI economy.

    MIL OSI Africa

  • MIL-OSI United Kingdom: Radical action plan to cut red tape and kickstart growth

    Source: United Kingdom – Executive Government & Departments

    News story

    Radical action plan to cut red tape and kickstart growth

    The Chancellor will meet top regulator bosses in Downing Street today (Monday 17 March) as she unveils an action plan to deliver on the pledge to cut the administrative cost of regulation on business by a quarter, make Britain the best place to do business and drive economic growth.

    • Chancellor meets regulators in Downing Street as she unveils action plan to cut red tape as part of Plan for Change to kickstart economic growth.

    • Radical shake up will boost infrastructure building by simplifying guidance to protect bat habitats that blocks vital new homes and infrastructure.

    • Business to save billions as more regulators are axed and core legal duties are streamlined.

    • Action plan comes alongside 60 growth-boosting measures from watchdogs designed to make it easier to do business in the UK and delivers on the Prime Minister’s pledge to cut administration costs for businesses by a quarter.

    The radical shake up will cut costly red tape that fails to deliver for local communities, such as hundreds of pages of guidance on protecting bat habitats – which goes far beyond legal requirements, needlessly costs businesses money and slows down planning decisions for major infrastructure projects.  

    A streamlined process for environmental regulations will also be put in place for major projects. This could include Lower Thames Crossing, subject to planning approval, as well as future schemes like Heathrow expansion. The new system will require just one point of contact and will end the merry-go-round of developers seeking planning approvals from multiple authorities who often disagree with each other.  

    This Action Plan will save businesses across the country billions of pounds by cutting the number of regulators, streamlining their core legal duties and cracking down on complexity in the regulatory system. 

    The Plan comes after the Prime Minister set out his vision for a more lean and agile state in a speech last week, abolishing the world’s biggest quango – NHS England – to scrap duplication and give more power and tools to local leaders so they can better deliver for their communities. The Prime Minister and Chancellor are clear that regulators must work for the people of Britain, not get in the way of progress.  

    Following weeks of intense negotiations, watchdogs have signed up to 60 growth boosting measures – including:  

    • Fast-tracking new medicines to market through a new pilot to provide parallel authorisations from key healthcare regulators, so that patients can access the medicine they need quicker;

    • Attracting more investment from international financial services firms by setting up a bespoke ‘concierge service’ to help them get to grips with UK regulations, making it easier to do business in the UK;

    • Paving the way for package deliveries by drone, as the Civil Aviation Authority permits at least two more large drone-flying trials in the coming months – which have already helped cut travel times for blood samples from 30 minutes down to 2 minutes between hospitals – and streamlines the regulatory process for manufacturing drones;

    • Allowing families to manage their spending safely as the Financial Conduct Authority reviews contactless payment limits, including the £100 cap on individual payments, while speeding up queues at checkout.

    • Support for homeownership as the Financial Conduct Authority simplifies mortgage lending rules, including making it easier to re-mortgage with a new lender and reduce mortgage terms.

    • Helping start-ups secure funding to grow through the Financial Conduct Authority issuing more notices where they are likely to approve applications from budding entrepreneurs.

    The government will continue to work closely with regulators to ensure they are regulating for growth, not just risk. Cabinet Ministers will report back to the Chancellor in the summer with further suggestions for streamlining the regulatory landscape and better regulation will be a key part of the upcoming Modern Industrial Strategy.    

    Chancellor of the Exchequer Rachel Reeves said: 

    “The world is changing and that’s why we must go further and faster to deliver on our Plan for Change to kickstart economic growth. Today we are taking further action to free businesses from the shackles of regulation. By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”  

    Business and Trade Secretary Jonathan Reynolds said: 

    “Unnecessary regulation chokes competition and stifles business – that’s why we’re taking action to unleash industry right across the UK to go for growth.  

    “With a regulatory system that encourages innovation and economic growth combined with our Industrial Strategy, our Plan for Change can make the UK the best place to startup, invest and thrive.”  

    Further pro-business measures announced today include cutting red tape that blocks new housing and infrastructure.  

    It should not be the case that to convert a garage or outbuilding you need to wade through hundreds of pages of guidance on bats.  Environmental guidance, including on protecting bats, will be looked at afresh. Natural England has agreed to review and update their advice to Local Planning Authorities on bats to ensure there is clear, proportionate and accessible advice available.  

    We will make it simpler and faster for projects to agree environmental permits, in some case removing them altogether for low-risk and temporary projects, putting an end to delays that can slow down decisions needed to get spades in the ground. Combined with the appointment of a single lead environmental regulator, this will speed up approvals and save businesses millions in time and resource.    The government will also consult on allowing regulators to be more agile in making sensible decisions on which low-risk activities should be exempt from environmental permits. This will allow them to focus on high-impact, high-priority areas, such as low-carbon infrastructure – while ensuring nature protections are not weakened.    

    These come alongside action to crack down on complexity in the UK regulatory system, with the Chancellor promising to significantly cut the number of regulators by the end of the Parliament to reduce overlap.    

    Regulators will be summoned for performance reviews twice a year from the relevant Secretary of State and will be judged against a set of targets agreed with the businesses they affect, which could how quickly they make decision on planning applications and new licenses for businesses and products. The regulators will immediately begin discussing these targets with businesses and publish them by June. 

    Following the decision to primarily consolidate the Payment Systems Regulator into the Financial Conduct Authority, the Regulator for Community Interest Companies will be folded into Companies House to avoid duplicative disclosure requirements for companies which provide a benefit to their community. Cabinet ministers will report back to the Chancellor by the summer with further suggestions to cut numbers and create a more effective system.  

    Major regulators will also have their legal duties slimmed down, so that they do not waste time satisfying redundant duties that do not align with their core purpose or the public’s priorities. This work will begin with the financial services regulators, energy watchdog Ofgem, water regulator Ofwat and the Office for Road and Rail.  

    The Treasury will also explore ways to streamline financial services regulators’ ‘have regards’ to improve predictability and business confidence. The role of the Financial Ombudsman Service will also be reviewed to ensure that it is acting as an impartial service that provides quick and predictable resolutions to disputes – not as a quasi-regulator.   

    The new system will also support businesses to innovate instead of putting obstacles in the way, led by Lord Willetts as Chair of the Regulatory Innovation Office (RIO). The RIO works with businesses and regulators to embed a pro-innovation regulatory system that enables ground-breaking new technologies to reach the market quicker.   

    The RIO is focused on ensuring regulation supports transformative applications of emerging technologies, for example using AI to improve the efficiency and accuracy of radiology reporting, and the use of engineering biology by world leading UK companies developing innovative foods like lab grown meats.  

    Stakeholder quotes: 

    Rain Newton-Smith, CEO of the CBI, said:   

    “The UK’s Gordian knot of regulations hinders investment with compliance costs that are too high, leaving us trailing the international competition. Today’s announcement signals a shift towards a more proportionate, outcomes based approach that should deliver more sustainable growth and investment.  

    “Smart, proportionate regulation could be the UK’s international calling card once more, bringing confidence and easing the burden on many sectors.   

    “This announcement builds on the welcome commitment from the Prime Minister to reduce the thicket of regulation, and it is critical that this approach is reflected across the board including finding a landing zone for the Employment Rights Bill that supports growth, investment, and jobs.” 

    Irene Graham OBE, CEO of the ScaleUp Institute, said: 

    “It is excellent to see the Government turning its Plan for Change into real practical action. 

    “Scaling businesses have long cited infrastructure constraints and regulatory hurdles as hampering their growth. The practical initiatives set out in this Action Plan on planning reforms, the fast tracking, simplifying and streamlining of regulatory approvals and processes, and the emergence of concierge services should collectively have a significant impact in propelling the growth of these innovative firms forward across every sector and local economy.  

    “We look forward to continuing to work with the government on the next steps of this pro-growth regulatory agenda.” 

    David Postings, Chief Executive of UK Finance, said: 

    “We need a regulatory environment that supports investment and is internationally competitive. I’ve been delighted to see the progress already made by government and regulators, who are listening to the ideas put forward by UK Finance and industry and taking bold action. Today’s announcement builds on that progress, most notably reviewing how the Financial Ombudsman Service operates. It currently acts as a quasi-regulator, which was not the original intention, and addressing this issue is a key one for our sector. I look forward to continuing to work with the government to ensure financial services helps deliver growth up and down the country.” 

    Debbie Crosbie, CEO of Nationwide, said: 

    “I welcome the government’s decisive action to deliver better regulation. Clear and predictable rules will help firms focus on growth and innovation for the benefit of consumers. The target to reduce the administrative cost of regulation by 25% could make a meaningful difference to the regulatory burden and economic growth.”  

    Craig Beaumont, Executive Director of the Federation of Small Businesses, said: 

    “Today’s announcement shows the Chancellor is willing to put in the hard yards to let businesses do what they do best. Business owners are not bureaucrats. The delays, time wasting and sheer stress from having to handle layers of poorly designed regulation makes it harder and harder for small businesses to grow, generate jobs and provide for their customers. 

    “Every month a project might be delayed makes it harder to go ahead, and every second wasted on unnecessary forms is time away from business, staff and family. We have made clear recommendations to CEOs of the regulators visiting No.10 today, to transform regulation so they help, not hinder, small business growth and investment.  This is a necessary pre-condition for increasing living standards, building a stronger economy and creating new jobs.” 

    Shevaun Haviland, Director General of the British Chambers of Commerce, said: 

    “This is an eye-catching package of measures which has a real potential to speed up decision-making and give businesses more certainty. 

    “Changes that would fast-track major infrastructure projects, such as the Lower Thames Crossing and Heathrow expansion, are especially welcome. 

    “Over half of firms tell us they are planning to raise prices, and with fresh uncertainty around tariffs, a 25 percent cut in the cost of regulation would be very welcome.” 

    Notes to editors 

    • The Action Plan can be found here. This sets out the strategic vision and actions that will be taken to create a regulatory system that drives growth while continuing to protect millions of people.

    • Regulators in attendance at the meeting:

    • Financial Conduct Authority

    • Prudential Regulation Authority

    • Environment Agency

    • Natural England

    • Medicines and Healthcare products Regulatory Agency

    • Health and Safety Executive

    • Information Commissioner’s Office

    • The Regulatory Innovation Office

    Updates to this page

    Published 17 March 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: First meeting of Great British Energy board members

    Source: United Kingdom – Executive Government & Departments

    Press release

    First meeting of Great British Energy board members

    Inaugural meeting of the Great British Energy start-up board takes place in Aberdeen to drive the UK’s clean energy future.

    • Great British Energy start-up board meet for the first time in Aberdeen 

    • Publicly owned company will drive forward the government’s Plan for Change and clean energy superpower mission, backed by £8.3 billion  

    Great British Energy’s start-up board members will meet in Aberdeen today (Monday 17 March) to discuss scaling up the company and kickstarting investments, to deliver the government’s Plan for Change and clean energy superpower mission. 

    Great British Energy is owned by the British people, for the British people, and will own and invest in clean energy projects across the UK to create good, skilled jobs and growth.    

    Energy Minister Michael Shanks will convene the meeting alongside Start-up Chair Juergen Maier and interim CEO Dan McGrail to discuss next steps for the organisation and building up an investment portfolio that will return a profit for the British people. 

    Great British Energy has already begun engaging with the market on potential collaborations to ensure it can quickly start delivering for the British taxpayer once it is fully established, backed by £8.3 billion over this Parliament.  

    Energy Minister Michael Shanks said: 

    We now have a fantastic team in place to lead Great British Energy and establish the company in Aberdeen. 

    By unlocking homegrown clean power projects, Great British Energy will support thousands of well-paid jobs in Scotland and across the country, and deliver energy security for the British people. 

    Today’s meeting of the new board members marks another step forward for the company as it gears up to make its first investments. 

    Great British Energy Start-up Chair Juergen Maier said: 

    We are working on a plan to invest in and deliver homegrown clean power, supporting the next generation of energy jobs.  

    We are already engaging with industry on exciting investment opportunities so we can hit the ground running once Great British Energy is fully established. 

    Together we will back British innovation and support the creation of thousands of jobs in clean energy projects and their supply chains in the North East of Scotland alone. 

    Interim Great British Energy CEO Dan McGrail said: 

    Great British Energy is perfectly placed to take advantage of the clean energy revolution for the benefit of the British people. As I take up post as interim CEO today, I’m pleased to bring our new board members together in Aberdeen to discuss our plans to invest in secure, homegrown clean power – unleashing jobs and crowding in private investment. 

    It follows the appointment of the interim CEO, five non-executive directors, and chair to the company’s start-up board. On Tuesday 18 March, Juergen Maier will convene a skills roundtable to work with industry to help oil and gas workers in north-east Scotland access opportunities in clean energy jobs. The roundtable is due to be attended by organisations including Skills Development Scotland, Scottish Trades Union Congress, Green Free Ports Cromarty and Leith, ETZ Ltd and Aberdeen & Grampian Chambers of Commerce.  

    Background

    Great British Energy start-up board members include: 

    • Chair of Great British Energy Juergen Maier 

    • Interim CEO of Great British Energy Dan McGrail 

    • Minister for Energy Michael Shanks 

    • Non-Executive Directors of Great British Energy: 

    • Frances O’Grady  

    • Frank Mitchell  

    • Kate Gilmartin  

    • Dr. Nina Skorupska CBE FEI  

    • Valerie Todd CBE

    Updates to this page

    Published 17 March 2025

    MIL OSI United Kingdom

  • MIL-OSI: Final Results for the Year-Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Diversified Achieves Strong Final Year-End 2024 Results, Delivers on Capital Allocation Promises, and Introduces 2025 Combined Company Outlook

    2024 Achievements Position Diversified on a Meaningful Path Forward as a Stronger and Larger Company

    Executed Approximately $2 Billion of Acquisitions in an Advantageous Pricing Environment

    Third year of Consistent Operating Costs Despite Broader Industry and Inflationary Pressures

    Maverick Integration Anticipated to Provide Meaningful Financial and Operational Benefits to Drive Free Cash Flow Acceleration

    Created a PDP Solution for Upstream Peers to Facilitate Operated Acquisitions with an Undeveloped Inventory Focus

    BIRMINGHAM, Ala., March 17, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its operational and final audited results for the year ended December 31, 2024.

    Diversified remains a differentiated key player in acquiring and building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through its unique operational framework, strategic development partnerships, and growing adjacent business segments, including coal mine methane (CMM), energy marketing and well-retirement. By completing over $4.0 billion of acquisitions since its public listing in 2017, Diversified has built a large-scale integration and operating company that remains focused on delivering de-risked, reliable cash flow for its shareholders. With the combination of maturing assets and M&A activity leading to growth-oriented E&P’s recycling capital through divestment, there remains an ample opportunity set for Diversified’s continued growth. Additionally, with most upstream acquisitions today focusing on increasing undeveloped inventory, Diversified provides a creative and actionable solution as the PDP purchasing partner for those E&P’s that only value inventory.

    Only Publicly Traded Champion of the PDP Subsector with Unique Strategic Advantages

    • Large Operational Scale: Multiple geographies in core basins including Western Anadarko (largest producer), Permian, Appalachia, Barnett and Ark-La-Tex with commodity product diversification
    • Vertical Integration: In-house marketing, extensive midstream network, wholly-owned processing infrastructure, and a well retirement business segment
    • Leading Technology Platform: 100% cloud architecture, supporting well level data capture, information for actionable production optimization, and real-time monitoring which mitigates production downtime
    • Beneficial Financing Solution: Demonstrated ability to access numerous capital solutions, including investment grade, low-cost Asset Backed Securities, commercial banking facilities and equity investment partners
    • Flexible Capital Allocation: shareholder returns-focused model prioritizing Free Cash Flow for systematic debt reduction, fixed dividend payments, opportunistic share repurchases, and accretive acquisitions
    • Proven Process to Capture Synergies: established integration playbook and sophisticated corporate infrastructure provides considerable expense savings and unlocks sustainable value

    Delivering Consistent and Reliable Results in 2024        

    • Delivered average net daily production: 791 MMcfepd (132 MBoepd)
      • December exit rate of 864 MMcfepd (144 MBoepd)
    • Year end 2024 reserves of 4.5 Tcfe (747 MMBoe; PV10 of $3.3 billion(b))
    • Total Revenue, inclusive of hedges of $946 million(e), net of $151 million in commodity cash hedge receipts that supplemented Total Revenue of $795 million
    • Operating Cash Flow of $346 million; Net loss of $87 million, inclusive of $141 million tax-effected, non-cash unsettled derivative fair value adjustments
    • Adjusted EBITDA of $472 million(c); Adjusted Free Cash Flow of $211 million(d)
      • 2024 Adjusted EBITDA Margin of 51%(c)
      • 2024 Adjusted Operating Cost per unit of $1.70/Mcfe ($10.22/Boe)

    Achieving Expectations

    • Recommend a final quarterly dividend of $0.29 per share
    • Generated $49 million of cash proceeds through land sales and Coal Mine Methane Revenues
    • Retired over $200 million in debt principal through amortizing debt payments
    • Returned $105 million to shareholders, including $21 million in share buybacks(h)
    • Completed $585 million (gross) in strategic and bolt-on acquisitions during 2024
    • Retired 202 Diversified wells in Appalachia, marking third consecutive year to exceed 200 wells
    • OGMP Gold Standard and MSCI AA Rating for third and second consecutive year, respectively
    • Decreased Scope 1 methane intensity to 0.7 MT CO2e per MMcfe, a 13% reduction from 2023

    Powerful Step Forward

    • Closed transformative $1.3 billion acquisition of Maverick Natural Resources (“Maverick”)
      • Largest Producer in the Western Anadarko Basin (WAB)
      • Entry into the Permian basin
      • Expecting to achieve over $50 million in annual synergies by year-end 2025
    • Closed the accretive bolt-on acquisition of assets from Summit Natural Resources
      • Anticipate over 300% increase in cash flow from CMM environmental credit sales in the next 24 months
    • Developed a unique partnership to create an innovative, reliable, net-zero data center power solution
    • Enhancing free cash flow growth in 2025 by advantageously added natural gas hedges (related to ABS & recent acquisitions) and planning approximately $40 million from the divestiture of undeveloped leasehold during the first half of 2025

    CEO Rusty Hutson, Jr. commented:

    “Our over 1,600 women and men of Diversified remain the driving force behind our strong operational and financial performance in 2024. Whether it’s natural gas to power the technology of the future or the everyday needs of families and businesses across our operating region, Diversified provides the reliable and sustainable energy needed, and we continue to invest in growing our business while expanding our opportunity set of cash flow generation through verticals in a variety of end markets.

    We have built a Company that remains highly focused on long-term value creation through the growth of our platform and our ability to leverage vertical integration and scale to operate a structurally and dependably higher-margin business that delivers de-risked, consistent cash flow. Our focused strategy, disciplined leadership team, sound operating practices, and the strong demand for natural gas provide us with momentum as we begin the year and the confidence to achieve our full-year 2025 expectations while executing against our capital allocation strategy. We are starting the year in a position of strength as a bigger, better business, and there has never been a more exciting time for our Company and the energy industry. We feel privileged to be at the heart of the energy renaissance as the Right Company at the Right Time to help provide essential energy needs.”

    Combined Company 2025 Outlook

    Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick Natural Resources assets while continuing to prioritize returns and Free Cash Flow generation.

    The following outlook incorporates a nine-month contribution from the recently acquired Maverick.

      2025 Guidance
    Total Production (Mmcfe/d) 1,050 to 1,100
    % Liquids ~25%
    % Natural Gas ~75%
    Total Capital Expenditures (millions) $165 to $185
    Adj. EBITDA(millions) $825 to $875
    Adj. Free Cash Flow(millions) ~$420
    Leverage Target 2.0x to 2.5x
    Combined Company Synergies (millions) >$50
    Includes the value of anticipated cash proceeds for 2025 land sales
     

    Posting of 2024 Annual Report and Notice of Annual General Meeting

    Diversified has published to the Company’s website its 2024 Annual Report and Notice of AGM, along with the form of proxy for the AGM. These documents can be viewed or downloaded from Diversified’s website at https://ir.div.energy/financial-info.

    The Company has also provided copies of these documents to the National Storage Mechanism that, in accordance with UK Listing Rule 6.4.1R, will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Annual General Meeting Arrangements

    The Company’s AGM will be held on April 9, 2025 at 1:00pm BST (8:00am EDT) at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

    Presentation and Webcast

    DEC will host a conference call today at 12:30 pm GMT (8:30am EDT) to discuss these results. The conference call details are as follows:

    A corporate presentation will be posted to the Company’s website before the conference call. The presentation can be found at https://ir.div.energy/presentations.

    Footnotes:

    (a) Corporate decline rate of ~10% calculated as the change in average daily production for the month of December 2023 (775 MMcfepd), adjusted for the impact of acquisitions and divestitures occurring during the 2024 calendar year, to the average daily production for the month of December 2024.
    (b) Based on the Company’s year-end PDP reserves and using 10-year NYMEX strip, as at December 31, 2024.
    (c) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million and Lease Operating Expense of $19 million in 2024 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy. For more information, please refer to Non-IFRS Measures, below.
    (d) Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; For more information, please refer to Non-IFRS Measures, below.
    (e) Calculated as total revenue recorded for the period, inclusive of the impact of derivatives settled in cash. For more information, please refer to Non-IFRS Measures, below.
    (f) Calculated as the availability on the Company’s Revolving Credit Facility (“SLL”) and cash on hand (unrestricted)of December 31, 2024; Does not include the impact of Letters of Credit.
    (g) Net Debt-to-Adjusted EBITDA, or “Leverage” or “Leverage Ratio,” is measured as Net Debt divided by Pro Forma Adjusted EBITDA; Pro forma adjusted EBITDA includes adjustments for the year ended December 31, 2024 for the annualized impact of acquisitions completed during the year. Net Debt calculated as of December 31, 2024 and includes total debt as recognized on the balance sheet, less cash and restricted cash; Total debt includes the Company’s borrowings under the Company’s Revolving Credit Facility (“SLL”) and borrowings under or issuances of, as applicable, the Company’s subsidiaries’ securitization facilities. For more information, please refer to Non-IFRS Measures, below.
       

    For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in Diversified’s 2024 Annual Report

    For further information, please contact:  
    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    www.div.energy  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Important Notices

    This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company, and its wholly owned subsidiaries (“the Group”) following the Maverick Acquisition. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “outlook” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions, and the Company’s or Group’s ability to realize expected benefits of the Maverick acquisition. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

    Forward-looking statements speak only as of their date and neither the Company, nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

    The contents of this announcement are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice respectively.

    Percentages in tables have been rounded and accordingly may not add up to 100 per cent. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data.

    Use of Non-IFRS Measures

    Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems.

    Non-IFRS Disclosures

    Adjusted EBITDA

    As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation, and amortization. Adjusted EBITDA further adjusts for items that are not comparable period-over-period, including accretion of asset retirement obligations, other (income) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and other similar items.

    Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit (loss), net income (loss), or cash flows provided by (used in) operating, investing, and financing activities. However, we believe this measure is useful to investors in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to assess this metric as a percentage of our total revenue, inclusive of settled hedges, which we refer to as adjusted EBITDA margin.

      Year Ended
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Net income (loss) $ (87,001 ) $ 759,701   $ (620,598 )
    Finance costs   137,643     134,166     100,799  
    Accretion of asset retirement obligations   30,868     26,926     27,569  
    Other (income) expense(a)   (1,257 )   (385 )   (269 )
    Income tax (benefit) expense   (136,951 )   240,643     (178,904 )
    Depreciation, depletion and amortization   256,484     224,546     222,257  
    (Gain) loss on bargain purchases           (4,447 )
    (Gain) loss on fair value adjustments of unsettled financial instruments   189,030     (905,695 )   861,457  
    (Gain) loss on natural gas and oil properties and equipment(b)   15,308     4,014     93  
    (Gain) loss on sale of equity interest   7,375     (18,440 )    
    Unrealized (gain) loss on investment   4,013     (4,610 )    
    Impairment of proved properties(c)       41,616      
    Costs associated with acquisitions   11,573     16,775     15,545  
    Other adjusting costs(d)   22,375     17,794     69,967  
    Loss on early retirement of debt   14,753          
    Non-cash equity compensation   8,286     6,494     8,051  
    (Gain) loss on foreign currency hedge       521      
    (Gain) loss on interest rate swap   (190 )   2,722     1,434  
    Total adjustments $ 559,310   $ (212,913 ) $ 1,123,552  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Pro forma adjusted EBITDA(e) $ 548,570   $ 553,252   $ 574,414  
    1. Excludes $1 million in dividend distributions received for our investment in DP Lion Equity Holdco during the year ended December 31, 2024.
    2. Excludes $27 million, $24 million and $2 million in cash proceeds received for leasehold sales during the years ended December 31, 2024, 2023 and 2022, respectively, less $14 million and $4 million of basis in leasehold sales for the years ended December 31, 2024 and 2023, respectively.
    3. For the year ended December 31, 2023, the Group determined the carrying amounts of certain proved properties within two fields were not recoverable from future cash flows, and therefore, were impaired.
    4. Other adjusting costs for the year ended December 31, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain litigation, and expenses associated with unused firm transportation agreements. For the year ended December 31, 2023, these costs were primarily related to legal and professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December 31, 2022, these costs mainly included $28 million in contract terminations, which enabled the Group to secure more favorable future pricing, and $31 million in deal breakage and/or sourcing costs for acquisitions.
    5. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.

    Total Revenue, Inclusive of Hedges and Adjusted EBITDA Margin

    As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

    As used herein, adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable costs components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods.

      Year Ended
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Total revenue $ 794,841   $ 868,263   $ 1,919,349  
    Net gain (loss) on commodity derivative instruments(a)   151,289     178,064     (895,802 )
    Total revenue, inclusive of settled hedges $ 946,130   $ 1,046,327   $ 1,023,547  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Adjusted EBITDA margin   50 %   52 %   49 %
    Adjusted EBITDA margin, excluding Next LVL Energy   51 %   53 %   50 %
    1. Net gain (loss) on commodity derivative settlements represents the cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.

    Free Cash Flow

    As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

      Year Ended
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Net cash provided by operating activities $ 345,663   $ 410,132   $ 387,764  
    LESS: Expenditures on natural gas and oil properties and equipment   (52,100 )   (74,252 )   (86,079 )
    LESS: Cash paid for interest   (123,141 )   (116,784 )   (83,958 )
    Free cash flow $ 170,422   $ 219,096   $ 217,727  
    Cash generated through divestitures of land $ 40,986   $ 28,160   $ 2,472  
    Adjusted free cash flow $ 211,408   $ 247,256   $ 220,199  


    Net Debt and Net Debt-to-Adjusted EBITDA (“Leverage”)

    As used herein, net debt represents total debt as recognized on the balance sheet, minus cash and restricted cash. Total debt includes borrowings under our Credit Facility and borrowings under, or issuances of, our subsidiaries’ securitization facilities. We believe net debt is a useful indicator of our leverage and capital structure.

    As used herein, net debt-to-adjusted EBITDA, also referred to as “leverage” or the “leverage ratio,” is calculated by dividing net debt by adjusted EBITDA. We believe this metric is a crucial measure of our financial liquidity and flexibility, and it is also used in the calculation of a key metric in one of our Credit Facility financial covenants.

      As of
      December 31,
    2024
    December 31,
    2023
    December 31,
    2022
    Total debt(a) $ 1,693,242   $ 1,276,627   $ 1,440,329  
    LESS: Cash   5,990     3,753     7,329  
    LESS: Restricted cash(b)   46,269     36,252     55,388  
    Net debt $ 1,640,983   $ 1,236,622   $ 1,377,612  
           
    Adjusted EBITDA $ 472,309,000   $ 546,788,000   $ 502,954,000  
    Pro forma adjusted EBITDA(c) $ 548,570   $ 553,252   $ 574,414  
    Net debt-to-pro forma adjusted EBITDA(d) 2.9x
      2.2x
      2.4x
     
    1. Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.
    2. The increase of restricted cash as of December 31, 2024, is due to the addition of $21 million and $3 million in restricted cash for the ABS VIII Notes and ABS IX Notes, respectively, offset by $7 million and $9 million for the retirement of the ABS III Notes and ABS V Notes, respectively.
    3. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.
    4. Excludes long-term plant financing of $30 million for the year ended December 31, 2024.

    The MIL Network

  • MIL-OSI: amana Expands Crypto Offering to 450+ Coins – The Largest Selection Among MENA Brokers

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, March 17, 2025 (GLOBE NEWSWIRE) — amana, MENA’s leading neobroker, is redefining trading by adding 300+ new cryptocurrencies, bringing its total to 450+ coins—the most from any local broker. This unmatched range cements amana as the go-to platform for seamless digital and traditional asset trading in one powerful app.

    This milestone fills a major gap: most crypto platforms focus solely on digital assets, while traditional brokers offer little to no crypto access. amana bridges both worlds, giving traders everything they need in one place—no multiple accounts required.

    All-in-One

    With amana, traders no longer need multiple accounts or brokers to access different asset classes.

    • 450+ cryptocurrencies – The widest selection from any broker in MENA, including majors like Bitcoin or Ethereum and XRP, gaming coins like Decentraland, meme coins like the Trump coin, L1/L2s, DeFi, and many more
    • U.S. stocks – Direct access to top companies, like Tesla or Microsoft
    • FX, commodities, gold, futures and CFDs – A full range of trading opportunities
    • Gold and global stocks ETFs, as well as REITs and MENA stocks for investors
    • Automated investment plans – Making wealth building effortless
    • Flexible trading options: Leveraged or unleveraged

    “Trading crypto has never been this effortless,” said Muhammad Rasoul, CEO of amana. “With over 450 coins and a seamless all-in-one platform, we’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.”

    Unmatched Access
    This expansion isn’t just about quantity—it’s about seamless access, competitive pricing, and a frictionless trading experience. amana’s intuitive app makes crypto and traditional asset trading as easy as a few taps, empowering both seasoned traders and new investors.

    With the biggest crypto offering among local brokers and unparalleled access to global markets, amana is now MENA’s ultimate one-stop trading platform for a fully diversified investment and trading portfolio.

    This unique positioning has made amana one of the region’s fastest-growing players, with over 320,000 new users since its app launch in Sept 2022.

    About amana

    amana is a leading neobroker. It provides retail investors and active traders with direct access to the global financial markets, serving clients across MENA. It operates multiple offices across Dubai, London, Limassol, and Beirut.

    CONTACT: Contact: Karolina Slowikowska, Director of Communications, at karolina.slowikowska@amanacapital.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54e1b55b-cf40-483d-ab8c-0bb0caa9d4e6

    The MIL Network

  • MIL-OSI Asia-Pac: President Lai addresses opening of 2025 Yushan Forum

    Source: Republic of China Taiwan

    Details
    2025-03-13
    President Lai attends Ministry of Foreign Affairs 2025 Spring Banquet  
    On the evening of March 13, President Lai Ching-te attended the Ministry of Foreign Affairs 2025 Spring Banquet for foreign ambassadors and representatives stationed in Taiwan. In remarks, President Lai thanked our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. The president stated that a stronger Taiwan will be able to contribute even more to the world, explaining that is why he established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee. He added that he hopes to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration. The president also expressed hope of developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. A translation of President Lai’s remarks follows: Today is my first time attending the Ministry of Foreign Affairs Spring Banquet since becoming president. It is a pleasure to be able to meet and socialize with esteemed guests from other countries and good friends from all sectors of Taiwan. The global landscape has changed rapidly over the past year. Geopolitical volatility, the restructuring of supply chains, technological advancements, and other factors have had a profound impact on nations’ strategic plans. I want to take this opportunity to thank our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. Last month, the leaders of the United States and Japan, the US secretary of state and the foreign ministers of Japan and the Republic of Korea, and the G7 foreign ministers all issued joint statements emphasizing the importance of peace and stability across the Taiwan Strait, underscoring Taiwan’s vital role in global progress and prosperity.  I would especially like to thank members of the diplomatic corps for working with us to build even closer partnerships between our countries. I have always believed that a stronger Taiwan will be able to contribute even more to the world. That is why, after taking office, I established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee under the Office of the President. These committees continue to address global concerns and seek to solve important issues that impact our own people. I hope to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration.  Last year, I visited our Pacific allies – the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau. I deeply appreciated our friends’ warm hospitality and came to feel very deeply that we are like a family. Through local visits and mutual exchanges, we deepened our diplomatic alliances and cooperation, creating win-win outcomes. We also showed Taiwan’s determination to work with allies to tackle the many challenges related to climate change, net-zero transition, and digital transformation. At the start of this month, Taiwan hosted the first-ever workshop on whole-of-society defense resilience under the Global Cooperation and Training Framework. Experts and scholars from 30 countries participated in the discussions. I once again thank the diplomatic corps for their support and assistance. In the future, we look forward to developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. In the face of authoritarian expansion, Taiwan will continue to bolster its national defense capabilities. We will stand shoulder to shoulder with fellow democracies to demonstrate the strength of deterrence. We will also join hands to build non-red supply chains, strengthen our economic resilience, and promote an initiative on semiconductor supply chain partnerships for global democracies. All of this will ensure steady technological and economic development.  In my New Year’s Day address, I said that in this new year, we have many more brilliant stories of Taiwan to share with the world. Everyone gathered here tonight is a dear friend of Taiwan. And each of you plays an important role in the stories this land has to tell.  I am deeply grateful to you all for the incredible efforts you make in support of Taiwan. In so many ways, you connect Taiwan to the rest of the world and allow the world to see the many different sides of this amazing nation. I believe that through even deeper and more extensive cooperation, we will create many more wonderful stories of Taiwan and build an even brighter future together. I wish you all a pleasant evening. Also in attendance at the event were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman and other members of the foreign diplomatic corps in Taiwan.

    Details
    2025-03-04
    President Lai meets US Heritage Foundation founder Dr. Edwin Feulner
    On the afternoon of March 4, President Lai Ching-te met with a delegation led by founder of the US-based Heritage Foundation Dr. Edwin Feulner. In remarks President Lai thanked the foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally and which recognized Taiwan’s sound legal foundation and ideal investment environment. The president said that Taiwan and the United States are important economic and trade partners and engage closely in industrial exchange. The president also expressed hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products, and to work with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. A translation of President Lai’s remarks follows: It is a pleasure to welcome Dr. Feulner back to Taiwan today. I recall meeting with Dr. Feulner and Heritage Foundation President Kevin Roberts here at the Presidential Office at the end of last February. We had a fruitful discussion on Taiwan-US relations and regional affairs. When President Donald Trump was elected for his first term, Dr. Feulner played a crucial role in the administration’s transition team. Today, I look forward to hearing his thoughts on possible ways to further deepen relations between Taiwan and the US. I would like to thank the Heritage Foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally. The report also recognized Taiwan’s sound legal foundation and ideal investment environment. Taiwan and the US are important economic and trade partners and engage closely in industrial exchange. The Taiwan Semiconductor Manufacturing Company’s (TSMC) historic US$65 billion investment in Arizona–negotiated and finalized during President Trump’s first term–is a case in point. And today, TSMC Chairman C.C. Wei (魏哲家) and President Trump jointly announced that the company would be expanding its investment in the US with new facilities. Looking ahead, we hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products. We also look forward to working with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. At present, we continue to face authoritarian expansionism. As a country that deeply loves and staunchly defends freedom, Taiwan will collaborate with the US and other like-minded countries to maintain regional peace and stability. I would like to thank President Trump for his recent joint statement with Japanese Prime Minister Ishiba Shigeru, which emphasized the importance of maintaining peace and stability across the Taiwan Strait. And last month, the US was also part of a G7 foreign ministers’ statement in which “they strongly opposed any attempts to change unilaterally the status quo using force.” We firmly believe that only peace attained through one’s own strength can truly be called peace. Currently, Taiwan’s defense budget stands at approximately 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. Also, we will continue to reform national defense in the conviction that help comes most to those who help themselves. This will allow us to contribute even more to regional peace and stability. In closing, I once again thank Dr. Feulner for visiting and for demonstrating support of Taiwan. I wish you all a smooth and successful trip. Dr. Feulner then delivered remarks, first stating that on behalf of his successor, President Roberts, and all of his colleagues at the Heritage Foundation, it is his pleasure to present President Lai with the first copy of the 2025 Index of Economic Freedom. Pointing out that in the Index the Republic of China (Taiwan) is number four of 176 countries around the world in terms of its economic freedom, Dr. Feulner extended his congratulations to President Lai.  Dr. Feulner said he looks forward to a discussion about the present situation and how we can improve relations between the US and Taiwan. Dr. Feulner expressed his gratitude on hearing the wonderful announcement from TSMC, which was released right before his visit, that it will be expanding its investment in the US. In past trips, he said, he has had the opportunity to visit the TSMC headquarters in Taiwan, and fairly recently he has had the opportunity to view the site in Arizona where the construction continues and where the initial operations are beginning. He stated that they are proud to have TSMC now as an integral part of our responsible bilateral relationship. Dr. Feulner noted that while TSMC is of course very big, he also wants to express appreciation for all of the hundreds and hundreds of Taiwan-based companies that are strong, close partners throughout the US with American companies and with American people in terms of making a close and unified alliance of two freedom-loving countries.

    Details
    2025-03-04
    President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response
    On the morning of March 4, President Lai Ching-te attended the opening ceremony of the Global Cooperation and Training Framework (GCTF) Workshop on Whole-of-Society Resilience Building, Preparation, and Response. In remarks, President Lai stated that global challenges such as extreme weather, pandemics, and energy crises continue to emerge, and growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, he said, and absolutely no single country can face them alone. The president said that as a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world, and that the GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. President Lai indicated that Taiwan will join the forces of the central and local governments to enhance social resilience across the board, enhance disaster response capabilities in the community, and leverage its strengths to make contributions to the international community. He said that we are demonstrating to the world our determination to create an even more resilient Taiwan, and expressed hope to advance mutual assistance and exchanges with all the countries involved, so that we can together promote stability and prosperity around the world. A transcript of President Lai’s remarks follows: To begin, I would like to welcome more than 60 distinguished guests from 30 countries, as well as experts from Taiwan. You are all here for this GCTF workshop to discuss whole-of-society resilience building, preparation, and response. As a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world. The GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. I want to thank our full GCTF partners, the United States, Japan, Australia, and Canada. Over the past several years, we have worked with even more countries through this framework and have expanded our exchanges into even more fields. Together, we have met all kinds of new challenges. I am confident that as our cooperation grows stronger, so will our ability to promote global progress. Each of today’s guests is contributing a vital force in that regard. I extend my sincere thanks to you all. Global challenges such as extreme weather, pandemics, and energy crises continue to emerge. And growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, and absolutely no single country can face them alone. Taiwan holds a key position on the first island chain, and stands at the very frontline of the defense of democracy. With this joint workshop, we are demonstrating to the world our determination to create an even more resilient Taiwan. We are also aiming to advance our mutual assistance and exchanges with all the countries involved, so that we can make our societies more resilient and together promote stability and prosperity around the world. Moving forward, we will continue advancing the following three initiatives: First, we will join the forces of the central and local governments to enhance social resilience across the board. Just last year, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office. Civilian force training, strategic material preparation, and critical infrastructure operation and maintenance are all key discussion areas for our committee. These aim to enhance Taiwan’s resilience in national defense, economic livelihoods, disaster prevention, and democracy. They are also items on the agenda for this GCTF workshop. To cover all the bases, Taiwan must unite and cooperate as a team. Last year, our committee held the very first cross-sector tabletop exercise at the Presidential Office which included central and local government officials as well as civilian observers. We aim to test the government’s emergency response capabilities in high-intensity gray-zone operations and near-conflict situations. We will continue to hold exercises to help the central and local governments work together more efficiently, and strengthen Taiwan’s overall disaster response capabilities. Second is to enhance disaster response capabilities in the community. We fully understand that to build whole-of-society resilience, we must help people increase risk awareness, know how to respond to disasters, and develop abilities to help themselves, help one another, and work together. We are grateful to the American Institute in Taiwan (AIT) for collaborating with the Taiwan Development Association for Disaster Medical Teams to host “Take Action” workshops around the country since 2021. A 2.0 version is already in practice, and continues to train the public in first aid skills. Director of the AIT Taipei Office Raymond Greene and I took part in a Take Action event in New Taipei City last year and personally saw the positive outcomes of the training. In addition to the Take Action workshops, the government is also providing Disaster Relief Volunteer training for ages 11 to 89, and is continuing to expand its target audience. We have also set up Taiwan Community Emergency Response Teams at key facilities nationwide, enhancing the ability of these important facilities to respond independently to disasters. Civilian training will continue to be refined and expanded so that members of the public can serve as important partners in government-led disaster prevention and relief. Third, we will leverage Taiwan’s strengths to make contributions to the international community. The inspiration for our Disaster Relief Volunteer training comes from a similar program run by The Nippon Care-Fit Education Institute in Japan. I am confident that through exchanges like this workshop, Taiwan and other countries can also inspire one another in many areas, and enhance whole-of-society resilience in multiple ways. Taiwan also excels in information and communications and advanced technology. We will set up even more robust cybersecurity systems, expand usage of emerging technologies, and improve the ways we maintain domestic security. We hope that by leveraging our capabilities and sharing our experiences, Taiwan can contribute even more to the international community. I want to welcome all our partners once again, and thank AIT for co-hosting this event. Let’s continue down the path of advancing global security and developing resilience together. Because together, we can travel farther, and we can travel longer. Also in attendance at the event were Japan-Taiwan Exchange Association Deputy Representative Takaba Yo, Australian Office in Taipei Representative Robert Fergusson, and Canadian Trade Office in Taipei Executive Director Jim Nickel.

    Details
    2025-02-24
    President Lai meets Japanese House of Representatives Member Tamaki Yuichiro
    On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-02-21
    President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan
    On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Key regulatory changes for the telecommunications sector: new SoCI rules incoming, and Telco Bill introduced into Parliament

    Source: Allens Insights

    Over the past few months, the Government has introduced a number of important reforms to the Australian telecommunications regulatory landscape. These reforms will have a significant impact on all carriers and many carriage service providers. Taken together with the current Telecommunications Consumer Protections (TCP) Code amendment process, they constitute a significant uplift in regulatory obligations applicable to the sector.

    The legislative reforms comprise:

    • Amendments to the Security of Critical Infrastructure Act 2024 (Cth) (SoCI Act), which transfer and uplift certain obligations that apply to telecommunications providers under the Telecommunications Act 1997 (Cth) (Telco Act) and take effect on 4 April 2025.
    • Rules that ‘switch on’ the obligation for carriers and certain carriage service providers (CSPs) to implement and maintain a Telecommunications Security and Risk Management Program (TSRMP Rules)1 have been made and will commence on 4 April 2025.
    • The Security of Critical Infrastructure Amendment (2025 Measures No. 1) Rules 2025 (Cth) (Amended Application Rules) which amend the Security of Critical Infrastructure (Application) Rules (LIN 22/026) 2022 (Cth) (Application Rules) have been made. Once these amendments take effect on 4 April 2025, they will have the effect of switching on the Asset Registration and Cyber Security Incident Notification Rules under the SoCI Act. 
    • On 12 February 2025, the Telecommunications Amendment (Enhancing Consumer Safeguards) Bill 2025 (Enhancing Consumer Safeguards Bill) was also introduced into Parliament but has not yet been passed. If passed, this Bill would have the effect of:
      • establishing a requirement for eligible CSPs to be registered as a condition of being permitted to supply services;
      • enabling the direct enforcement of industry codes by the Australian Communications and Media Authority (ACMA); and
      • amending and increasing the penalty amounts for infringement notices and civil penalties.

    Key takeaways

    Security regulation for critical telecommunications assets

    Who will be captured?

    All carriers and a subset of CSPs will be subject to all three positive security obligations under the SoCI Act with resect to critical telecommunications assets (as opposed to being subject to parallel obligations which are currently enlivened pursuant to the Telecommunications (Carrier Licence Conditions—Security Information) Declaration 2022 (Cth) and the Telecommunications (Carriage Service Provider—Security Information) Determination 2022 (Cth) (the Telco Security Information Instruments) with respect to asset registration and incident notification).

    The subset of CSPs to be caught under these new rules (‘relevant carriage service provider asset’) are:

    • CSPs that meet the prescribed threshold of 20,000 active carriage services; and
    • CSPs that supply to the Government (except for bodies established by a law of the Government).

    What will be captured?

    The definition of Critical Telecommunication Asset has been expanded to include:

    ‘(b) any other asset that is:

    (i) owned or operated by a carrier or a carriage service provider; and
    (ii) used in connection with the supply of a carriage service’ (emphasis added)

    Consistent with reforms to the SoCI Act implemented in December 2024, the effect of this amendment is to ensure that assets owned and operated by carriers/CSPs which are used in connection with the supply of a service (rather than used directly in the supply a service) are captured under the SoCI Act. This would include, for example, CRM systems and corporate IT networks that were not previously clearly captured.

    Positive security obligations

      CARRIER ASSETS  ‘RELEVANT CSP’ ASSETS OTHER CSP ASSETS
    Risk Management Program obligations

    Obligation to protect asset3

    Notification of changes4

    Asset Registration obligation

    Mandatory Cyber Incident Reporting

    Government assistance, directions and information-gathering powers

    The TSRMP Rules largely mirror the existing Security of Critical Infrastructure (Critical infrastructure risk management program) Rules (LIN 23/006) 2023 (Cth) with additions to reflect telecommunications-specific risks, including risks relating to the compromise, theft or manipulation of communications.

    Some key points in the draft TSRMP Rules stand out in particular:

    • Carriers and Relevant CSPs will have until 3 October 2025 (ie, six months from 4 April 2025) to develop and implement their risk management program to address the following hazard vectors:
      • cyber and information security hazards
      • personnel hazards
      • supply chain hazards
      • physical security hazards and natural hazards.
    • With respect to cyber and information security hazards, the requirement to meet minimum cybersecurity maturity frameworks goes beyond that currently provided for under the existing CIRMP Rules for other asset classes. For both carriers and Relevant CSPs, maturity indicator 1 for the prescribed framework must be achieved by 3 October 2026. However for carriers only, maturity indicator 2 with respect to one of the following frameworks must be achieved by 3 October 2027:
      • Essential Eight;
      • Cybersecurity Capability Maturity Model (published by the US Department of Energy); or
      • 2020‑21 AESCSF Framework Core published by Australian Energy Market Operator Limited.
    • We understand that the obligation to achieve maturity indicator 2 is something that smaller carriers (unsuccessfully) tried to resist during the consultation process owing to the fact that it would result in an increase in their operating costs. However, the Government is of the view that, given the criticality of telecommunications networks to the economy, the higher maturity indicator is necessary. It is not a stretch to imagine that the obligation to achieve maturity indicator 2 might be imposed on other classes of critical infrastructure assets in the near future.
    • The TSRMP Rules will relate to all assets owned or operated by carriers and Relevant CSPs. This is materially broader than the existing concept of a ‘critical telecommunications asset’ which relates to those assets owned by a carrier/CSP and used to provide a carriage service. The effect of this is that the TSRMP must address both assets relating to a carriers/CSPs telecommunications network as well as those assets which do not (e.g. billing and charging systems).
    • Carriers and Relevant CSPs will need to provide an annual attestation in relation to their compliance with their risk management program.

    The Amended Application Rules will transfer the existing registration obligations for carriers and CSPs, which are currently applicable by virtue of the Telco Security Information Instruments, to the SoCI Act. As per the above table, the obligation to provide ownership, operation, interest and control information to the Register of Critical Infrastructure Assets will apply to carriers and Relevant CSPs.

    We understand that the existing equivalent obligations made under the Telco Security Information Instruments will continue to be in effect until 7 July 2025.

    The reforms to the SoCI Act also transfer elements of the TSSR currently contained in Part 14 of the Telco Act into a new Part 2D of the SoCI Act.

    • Obligation to protect asset: the current obligation in section 313(1A) of the Telco Act requires carriers and CSPs to ‘do their best’ to protect their telecommunications networks and facilities from unauthorised interference or unauthorised access. The new section 30EB of the SoCI Act requires the responsible entity for a critical telecommunications asset prescribed by the rules to protect the asset, ‘so far as it is reasonably practicable to do so’ for the purposes of: (a) security; and (b) the protection of the asset from any hazard where there is a material risk that the occurrence of the hazard could have a relevant impact on the asset. This obligation will apply with respect to all critical telecommunications assets.
    • Notification of changes: all carriers will be required to notify the Secretary of certain changes, and proposed changes, to telecommunications services or telecommunications systems if the change, or proposed change, is likely to have a material adverse effect on the entity’s capacity to comply with the obligation to protect the asset for the purposes of security. The kinds of changes to be notified mirror those currently specified in section 314A(2) of the Telco Act. The TSRMP Rules (rule 17) prescribe a list of information that carriers must provide to the Secretary when notifying them of such a change or proposed change. In large part, this has the effect of codifying much of the information that was previously required to be provided under the CISC’s sample notification form.
    • Compliance with Minister’s directions to cease supply: the new section 30EF of the SoCI Act largely replicates the existing section 315A of the Telco Act, which enables the Minister for Home Affairs to issue a direction requiring a carrier or carriage service provider ‘not to use or supply, or to cease using or supplying’ a particular service that the Minister considers to be ‘prejudicial to security’. This obligation applies generally to responsible entities of a critical telecommunications asset and does not rely upon any rules prescribing the application of this section.

    Other TSSR components that would be repealed from the existing Telco Act, including other direction-making powers of the Minister for Home Affairs, the Secretary of Home Affairs’ information gathering powers and requirements in relation to security capability plans are not proposed to be replicated into the SoCI Act.

    However, the existing SoCI Act’s direction-making, information-gathering powers are broadly equivalent to these provisions.

    New CSP registration requirements and enforcement powers for telco regulator

    The Enhancing Consumer Safeguards Bill has been introduced by the Government to improve compliance and enforcement of telecommunications consumer protection rules for the benefit of consumers.6

    These proposed reforms coincide with a review by the ACMA of the TCP Code and a draft revised version that has been the subject of public consultation (and much debate).

    Registration of CSPs

    Currently, there is no licensing or other registration framework that applies to CSPs under the Telco Act (unlike carriers, that must register a carrier licence with the ACMA).

    The Enhancing Consumer Safeguards Bill proposes to establish a CSP registration scheme prohibiting:

    • CSPs from providing a listed carriage service to the public unless it is registered; and
    • carriers or wholesale CSPs from supplying listed carriage services to CSPs that are not registered.

    The CSP registration scheme is proposed to apply to ‘eligible carriage service providers’, being CSPs that enter into the Telecommunications Industry Ombudsman (TIO) scheme and supply:

    • a standard telephone service;
    • public mobile telecommunications service; or
    • a carriage service that enables end-users to access the internet.7

    ACMA will also have the power to:

    • impose conditions on the registration of CSPs;
    • refuse a CSP’s registration based on prescribed grounds for refusal (eg the application contains false or misleading material, the applicant has engaged in or is likely to engage in a contravention of the TIO scheme, or the applicant has engaged in conduct that poses a significant risk to consumers); and
    • revoke the registration of a registered CSP.

    Mandatory industry codes

    The ACMA does not currently have the power to directly enforce industry codes rather, it must first direct a provider to comply with the code or issue a formal warning.8 The ACMA can currently only take stronger enforcement action if the provider continues to not comply with its directions or warnings.

    The Enhancing Consumer Safeguards Bill proposes to make compliance with an industry code mandatory and to make breaches of the obligation to comply with registered industry code a civil penalty provision that is directly enforceable by the ACMA at first instance.

    Pecuniary penalties

    Currently, maximum civil penalties differ greatly across the Telco Act and the current maximum civil penalty for non-compliance with a direction by the ACMA to comply with a registered industry code is $250,000.9

    The Enhancing Consumer Safeguards Bill proposes to increase maximum penalties that can be ordered by the court for individual contraventions to the greater of:

    • 30,300 penalty units (~$9.999 million);
    • three times the benefit obtained by the relevant entity and its related bodies corporate from the contravening conduct; or
    • if the court cannot determine the benefit, 30% of the adjusted turnover of the body corporate during the breach turnover period for the contravention.

    Infringement notices given to bodies corporate

    Currently the Telco Act only permits the Minister for Communications to increase infringement notice penalties for breaches of either the general carrier licence conditions or CSP rules.

    The proposed amendments to the Telco Act will allow the Minister for Communications to increase infringement notice penalty amounts for any breach where the ACMA can already issue an infringement notice.

    What’s next?

    Organisations in the telecommunications sector should consider the steps required to ensure compliance with the latest reforms. This might include:

    MIL OSI News

  • MIL-OSI New Zealand: EIT students roll out collaboration with Peter Gordon at Meatball Festival | EIT Hawke’s Bay and Tairāwhiti

    Source: Eastern Institute of Technology – Tairāwhiti

    3 minutes ago

    EIT students took their passion for food to the next level, rolling up their sleeves—and meatballs—as they joined forces with chef Peter Gordon for the inaugural Hastings Meatball Festival.

    The sold-out free Meatball Festival, part of F.A.W.C! was held in the Hastings CBD on Friday evening and featured 22 meatball offerings including a vegan ‘neatball’ and a vegetarian ‘no meat’ ball.

    Peter’s much-anticipated creation included a First Light wagyu meatball with labneh, pickled red onions, kawakawa salsa verde, crispy shallots and curry leaves.

    EIT Culinary students spent two days working with Peter to create 1000 meatballs, gaining firsthand insight into professional dish development, from flavour pairing to presentation.

    “Working with EIT students was a fantastic experience. They were engaged, eager to learn, and brought real energy to the process. I was excited to showcase our meatballs alongside so many other great creations at the festival,” Peter said.

    The collaboration was a rare opportunity for students to refine their skills under the guidance of a world-renowned chef, with many describing it as a highlight of their studies.

    NZ Certificate in Cookery (Level 4) student Crystal Wallis says it was a privilege to be able to cook alongside Peter.

    “I was so excited about this. I asked Peter if he could give me a word of advice as a chef, and he said to find a job that suits me in a restaurant that suits me and that I am comfortable in. I thought that was really good advice.”

    Crystal completed NZ Certificate in Cookery (Level 3) back in 1999, and after focusing on her family, is now realising her childhood dream of becoming a chef. “It’s something I’ve always wanted to do.”

    Nikki Lloyd, Assistant Head of School of Tourism and Hospitality, highlighted the significance of the opportunity, noting that it was the first major event held in EIT’s recently refurbished culinary facilities.

    “This was a major event for our students. Our NZ Certificate in Cookery (Level 4) students led the way, treating it as one of their key productions, but we also had involvement from Level 4 Baking students, Diploma in Cookery (Level 5) students and Trades Academy participants. It was an incredible learning experience,” Lloyd said.

    EIT Chef Tutor Mark Caves echoed this sentiment, emphasising the impact of the collaboration.

    “It was an eye-opening experience for the students. The interaction with Peter was phenomenal, and it really brought all of our hospitality courses together. It was a fantastic team-building opportunity.”

    Peter was full of praise for the students’ enthusiasm and the quality of training at EIT.

    “The quality of teaching here is highly respected, and it’s great to see so many young people passionate about entering the food industry. There’s a real spirit to hospitality, and EIT does an amazing job fostering that,” he said.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Government Must Reduce Risks: Tripartite call for Government action on silicosis risks

    Source: MinEx, Health and Safety in NZ Extractives

    Employers, unions and MinEx which represents health and safety for quarries, mines and tunnels, are among organisations saying the Government must reduce the risks faced by thousands of New Zealand workers from the deadly lung disease silicosis.
    MinEx has today sent its submission to consultation closing tomorrow on options from Workplace Relations and Safety Minister, Brooke van Velden on how to deal with Respirable Crystalline Silica (RCS) which causes the disease.
    A workshop was held by MinEx earlier this month to help develop a pan-industry response to silicosis across extractive, construction, concrete and other sectors as well as health and safety organisations and researchers.
    CEO Wayne Scott says he’s since met with the Council of Trade Unions and been in touch with the Employers and Manufacturers’ Association.”It is heartening to have both unions and employers back MinEx’s call for a ban on engineered stone. This product is the primary focus of the Minister’s consultation as it presents the highest risk to workers.”
    He says in the year to last October, WorkSafe inspectors visited 102 engineered stone businesses and issued 131 improvement notices to 67 of them. “This is five years after WorkSafe started paying attention to engineered stone and clearly indicates many of the businesses are not complying with health and safety controls, long after the risks to workers have been identified.
    “The CTU and EMA and several other organisations also share our view that the Minister must additionally act to strengthen requirements to reduce the RCS exposure risk faced by tens of thousands of other Kiwi workers.”
    “That underscores why every organisation associated with our workshop has backed a call for the Government to establish an Occupational Lung Disease Registry to provide tracking, treatment and support for affected workers.”
    He says the mining and quarrying sector are already mandated to conduct regular exposure monitoring and lung tests on their workers every five years, as well as often consented requirements to reduce any dust created by their operations.
    “No such requirements apply to other sectors where workers can be exposed to Respirable Crystalline Silica including construction, concrete cutting, glass and some other trades.”
    Wayne Scott says every New Zealand worker who faces any risk from silicosis deserves a full range of protection, led by their employers and backed by Government regulations.
    “This is a nasty disease. Unlike asbestosis which often takes decades to emerge, silicosis can quite rapidly stop healthy young people working. The tiny particles bypass the body’s defences, scarring the lungs, leading to breathing difficulties, other illnesses and sometimes death. We’ve got to deal with it,” says Wayne Scott. 

    MIL OSI New Zealand News